As interest rates are so low, more people are ready to refinance existing houses or purchase new ones. In any circumstance, a mortgage and documentation will be required to provide to the lender for them to approve the loan application. AQU Lending will explain the many kinds of documents needed for mortgage approval and why they are essential.

The knowledgeable loan experts of AQU Lending are glad to help you with your loan application. Please gather your financial records, as well as proof of your responsibilities and assets, so we can assess your financial situation.

Income: An important part of the loan application procedure is the assessment and verification of income. Whether you will earn more or less in the future is determined according to your earning documents. A lender’s responsibility is to analyze whether you will be able to repay the loan amount over the course of a 30-year mortgage plan. Therefore, recent paystubs, W2 statements, and tax returns are required as per wages or salaried income. If you are self-employed, you’ll need prior year’s 1099 statements, K-1 statements (if you own a portion of a corporation or partnership), a year-to-date profit and loss statement, and the latest two years of business and personal tax filings.

Debts: On the flip side of the income is the Debt History. When both side numbers are summed to provide debt-to-income (DTI) ratio, which is an important factor to consider when applying for a mortgage. The DTI ratio is calculated by dividing monthly debt by monthly income. Keep in mind that the lower your debt-to-income ratio is, the more financing options you will have.

Although the criteria appear to be straightforward, it considers a wide range of parameters. Your credit history is one of the first things we look at when establishing your eligibility. Important information about your credit history is included in the report, including your credit score, loan amounts, account payment history, and any unfavorable credit events.

Assets: Asset documents are required to ensure that the applicant has the finances necessary for the deposit and closing. Bank statements of the last two months, including the entire transaction histories and current balances, may be requested. Any major deposits you made in your bank accounts will also require verification. A loan officer from AQU Lending will assess the application after the requested documents have been delivered. To ensure that we have a thorough picture of your financial status, we may request paperwork or clarification. And if you have been through this previously, it might be stressful, which is why we are here to help you at every step along the way. Rather than sending or faxing these documents, you can instantly upload them online. You can also use electronic signatures to study and sign the papers required for mortgage approval.

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