We suggest you meet with a Bank of the Ozarks Mortgage Lending Professional for pre-approval of your loan before you begin shopping for a house. Once you're pre-approved, you will know how much you can afford and the maximum amount you will be able to finance.
There are several pieces of documentation you will need when you apply for a home mortgage loan. It will save time if you have this information available when you talk with a mortgage lender. The following checklist includes the basic information you and any co-borrower will need to supply when you make your loan application with Bank of the Ozarks.
- Social Security number and date of birth.
- Paystubs for the past two pay periods, including your most recent paycheck showing year-to-date earnings.
- W-2 tax forms - original copies sent to you by your employers for the past two years.
- If you are self-employed or work on a commissioned basis, you should bring a copy of your federal tax return forms for the past two years and a current year-to-date profit and loss statement.
- Employer information - names, addresses and telephone numbers of employers for the past two years.
- Account information - account numbers and current balances of checking, savings and any other accounts.
- Current assets - value of Individual Retirement Accounts (IRAs), CDs, stocks, bonds, life insurance, etc.
- Personal property - value of property that can include household goods, cars, etc.
- Liabilities - auto loans, student loans, credit cards and other installment debt. You will need to provide name and address of each creditor, the monthly payment and total amount due.
- Current and previous addresses - if you own a home, bring the property address, current market value, mortgage lender name, account number, current monthly mortgage payment and outstanding mortgage balance. If you're renting, bring the property address, name and address of the landlord, current monthly rent and previous address/landlords if you've lived at your current address for less than two years.
- If you are separated or divorced, you should bring a copy of your divorce decree and separation agreement. Also bring documentation on alimony or child support payments you are required to make. If you wish to have alimony, child support or separate maintenance income considered as a basis for loan repayment ability, bring documentation of the payments you receive. Proof of this income can be the clerk of court's history of payments or canceled checks for the past year.
- If you include pension, disability, Social Security or other public assistance as part of your income, you'll need to bring a copy of an award certificate or check from the issuing agency.
- If you have a bankruptcy, foreclosure or any judgments against you over the past seven years, you'll need to bring information related to the status. For bankruptcy, this would include a copy of the bankruptcy discharge and schedule of both debts and assets. If there are judgments against you, you will need an attorney's letter that discusses the outcome of the proceedings.
Once you have made an offer to buy a house, you will need to provide your lender with an Agreement to Purchase including: a signed copy of the contract and any amendments, a copy of the listing form for the property, legal description of the property and receipts for down payment or deposits.
Interest rates can change overnight, so once you've negotiated an interest rate with your lender, you should discuss locking in your rate. With a lock-in or rate commitment, your lender promises to hold an agreed-upon interest rate and a certain number of points for you, usually for a specific period of time, until your loan is approved.