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Required Documents for Your Community Trust Mortgage Application

At Community Trust Mortgage, we work with you step-by-step to make the mortgage process clear and smooth. To get started, we’ll need a few documents from you. These documents help us verify your information and qualify you for the mortgage that best suits your needs. Below, you’ll find a detailed list of the required paperwork. Please gather these documents carefully to avoid any delays in processing.

Identification Documents

  1. Driver’s License
    Please provide a clear, legible copy of your driver’s license. A valid driver’s license ensures that we can verify your identity accurately.
  2. Permanent Resident Documentation (if applicable)
    If you are a Permanent Resident Alien, we’ll need a copy of your Green Card. Be sure to include copies of both the front and back of the card. This document is essential to confirm your residency status.
  3. Work Visa (if applicable)
    For Non-permanent Resident Aliens, we require a copy of your work visa. If your visa has expired, please include your extension paperwork (form I-797) to show current eligibility. This documentation verifies your legal status and work eligibility.

Financial Documentation

  1. Bank Statements for All Assets
    Provide copies of your bank statements for the last two months, covering all relevant asset accounts. We need every page of each statement, even those intentionally left blank. Include statements for accounts that cover your earnest money deposit, down payment, closing costs, and any reserve funds. Having complete statements ensures we can assess your financial readiness.
  2. Homeowner’s Insurance Policy
    You’ll need a homeowner’s insurance policy for the new property. If you’re buying a condo or townhouse, double-check the HOA’s master policy. If it doesn’t cover “walls-in” insurance, also known as HO6 insurance, or betterments and improvements, you’ll need a separate HO6 policy. However, if you’re not yet under contract for a property, this requirement can wait until later in the process.

Additional Documentation for Existing Properties

If you already own property, we need details about those as well. This information helps us understand your full financial picture.

  1. Mortgage Statements
    For any properties you currently own, provide a recent mortgage statement. This allows us to verify your monthly payments and outstanding loan balances.
  2. Homeowner’s Insurance Declaration Page
    Provide a copy of the homeowner’s insurance declaration page for each property you own. This document outlines your coverage and helps us confirm that your assets are insured.
  3. HOA Statement (if applicable)
    If your property has a Homeowners Association (HOA), include a copy of the latest HOA statement. This statement confirms your monthly dues and any special assessments, which factor into your monthly expenses.
  4. Tax Returns for Rental Income
    If you’re using rental income from other properties to qualify for your mortgage, we’ll need a copy of your most recent personal tax return. Include all pages and schedules. This document ensures that we accurately assess your rental income and qualify you based on your full earnings.

FAQs: Why These Documents Are Needed

We understand that gathering these documents might seem like a big task. Each document, however, has a clear purpose. Below, we’ll answer some common questions about why we need these specific documents and how they contribute to your mortgage application.

  1. Why are identification documents necessary?
    Identification documents like your driver’s license or Green Card confirm your identity and residency status. They protect both you and the lender from fraud.
  2. What if my bank statements include blank pages?
    Mortgage lenders require complete statements, including blank pages, to show there haven’t been any alterations. This transparency makes the application process smoother and faster.
  3. Do I need to arrange homeowner’s insurance now?
    You won’t need to get homeowner’s insurance until you are under contract for a specific property. However, having this insurance in place when you’re ready to close is essential for your mortgage approval.
  4. Why are documents for other properties needed?
    If you own other properties, we need information on those to see your full financial picture. Your mortgage payments, HOA fees, and rental income all impact your debt-to-income ratio.

Tips for a Smooth Application Process

To make the application process as simple as possible, here are some quick tips:

  • Organize documents ahead of time: Have digital copies ready so you can upload or email them quickly.
  • Verify details: Double-check that names, account numbers, and other personal information are visible and correct.
  • Ensure clarity: Make sure all copies are clear and readable to avoid any need for resubmission.

Next Steps with Community Trust Mortgage

Once you gather all the required documents, submit them to your loan officer. Community Trust Mortgage will begin reviewing your information to process your application promptly. We’ll contact you if any further details or documents are needed.

By following these guidelines and preparing your documents carefully, you’ll experience a smoother mortgage process. Our team at Community Trust Mortgage is here to support you every step of the way, from application to closing day.