African descent couple shows off key after purchasing a new home. 'Sold', 'For Sale' sign in background. Front entrance of this beautiful brick and stone home.

What you need to know during the  mortgage application process

Are you are thinking about purchasing a home, or refinancing a home? If so, First Independence Bank wants you to know exactly what documents/information you will need, as well as what you should and should not do during the mortgage application process.

First, let’s list what you will need to have when beginning the mortgage application process.

• A copy of your driver’s license or official state ID, if you don’t drive

• A copy of your Social Security Card

• A copy of your Resident Alien Card (if you are not a United States citizen)

• A copy of your W-2s for the last two years

• A copy of your Federal Tax Returns; all schedules covering previous 2 years

• A copy of your pay stubs covering a 30-day period

• A copy of your 2 most recent bank statements (2 consecutive months and all pages must be included even if last page(s) is blank)

• If you receive Social Security, you will need your awards letter

• Your divorce decree, if applicable

• If you have had a foreclosure, you will need the Deed in Lieu of Foreclosure or HUD 1 Settlement Statement, if property was sold as a short sale

• If you have filed for bankruptcy, it must be discharged, and you will need your bankruptcy papers.

Now, what “not to do” during the mortgage application process…

• Do not open new trade lines of debt. Example: Do not apply for a new credit card or obtain a new car loan or lease

• Do not quit or change jobs

• Do not co-sign for anyone on any type of loan

• Do not make any large depos- its into the bank account you are using to qualify for your mortgage

• Do not let multiple companies run your credit

• Do not make any late payments on your bills In essence, you should not do anything that could and will alter your financial status.

If you’re unsure about what you should have, or are unsure about any transaction(s) during the mort- gage application process, please call and speak with First Independence’s Robert Silverstein (NMLS #372565) at 586-416- 5750, ext. 1222 or you can email him at rsilverstein@firstindependence.com. Go to firstindependence.com for more information.

First Independence Bank believes that consumers should be knowledgeable in all banking and financial matters, including the “dos and don’ts” pertaining to mortgage loans and refinancing programs and the mortgage application process.

Established in 1970 as a community development financial institution, First Independence continues to make dreams become realities for its community, citizens and businesses.  First Independence Bank is an equal opportunity lender and member of the Federal Deposit Insurance Corporation.

For more information on all banking and financial products and services offered by First Independence Bank at its three area branches, call 313.256.8400, or log on to www.firstindependence.com.

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