How To Sign Georgia Banking Document

Industry sign banking georgia document myself

hi this is Shahid a hill with getting real about real estate thank you again for joining me and thank you for subscribing to my youtube channel if you're watching this on youtube just hit the subscribe button and I have new videos about real estate every Wednesday and you can follow me on Facebook please like and share my page if you find this information valuable so again thank you for joining me tonight we're talking about all the paperwork you need when you're applying for a mortgage and some people some of my buyers are really surprised and even some of my sellers who are getting ready to sell and buy again they've gone through the process but it's been several years they're surprised at the amount of paperwork they need this time because things did change in the mortgage industry so they are requiring more paperwork than normal so I'm gonna go over some of the things you can start gathering up and organizing so you will be ready when it's time to apply and you won't be you know looking around for all of your papers so I want to begin by talking about tax returns we're kind of in tax season right now you're getting probably getting ready to file at some point it's late February but yep till April 15th so as you gather your paperwork for your taxes you want to make sure you have your last two tax returns so not like your refund check or the signature page the mortgage company is gonna it's going to want the entire tax return all pages including signature pages amendments anything that's like with the tax return they want all of it if you get your taxes done professionally usually at the end they'll either send it to you electronically or something you can save as a PDF so what I would recommend you doing if you haven't already if you have them look electronically make a folder that says mortgage application 2019 you know whenever you're planning on buying a house and then you'll start saving your tax documents in that folder so even if you have no you have folders on your computer then you may have a tax in the Year folders or tax 2016 tax 2017 at least I do and if you don't then start doing that so start doing tax 2016 you need it for the last two years so if you're applying in early 2019 you just need right now so you didn't follow yet you'll need 2016 and 2017 but if you have already followed their taxes only the last two so they will want 2018 and 2017 so go ahead and start gathering those up or send some emails so your tax preparer and say you know I need the last two copies of my tax returns if you cannot find it because you will have to send that so that's very important that you gather up and then just going forward just to keep in an orderly fashion then go ahead and make file folders not father's files on your computer for each one of your tax years you will also need copies of your most recent pay stub so again they probably want two to three months of those most people are paid direct deposit but you'll be surprised once you do that initial paperwork I find my clients don't know how to access the PDF version of their check stub so if you don't know how to do that from your employer now's a good time it is somewhere electronically even if you're not aware of it email you our HR department of your personnel department and say you know I'm about to buy a home I need access to my direct deposit or my pay stubs because what they'll be able to see number one that's a official that's an actual check and you're actually employed at this company and they'll also be able to see what your gross pay is how often you get paid so if they're actually for the last two months and you get paid bi-weekly they'll want at least you know the last four checks that you have you're paying monthly then they're going to want the last two checks that you received and then as you go on in your months that are going to want updated so say that you apply now and it's February and you're not going to close on your home until April in early April late March and then actually for your latest check stubs you always have to update your documents because what if you quit your job in the middle and the mortgage companies are aware of that if you're paid by Commission or if you're self-employed they may want even more documentation so you have to be mindful of that they may want more tax returns they may want more 1099 or or any kind of commission payments that you receive because a lot of times you're not paid you have irregular income so they want to see how consistent your self-employment income is and the way they can do that is by pulling more and more years of income so you definitely need your tax returns you need your check stubs they also will want to see some w-2 statements usually so you want to save those again if you with your tax preparer you can find those or perhaps your employer can help you find those for the last two years you definitely they're going to access your credit so you need your social security number and actually give you card often they ask for a copy of your driver's license so say that you don't drive for some reason I've had a lot of things go on and you haven't updated your license you may want to just get a state issued ID and have that on him but so they will need some kind of legal identification for you when you're applying for the loan and that's a lot about mortgage fraud and stopping that from happening so they want to make sure the person that is applying for the loan is really you that they also they want all of your bank statements so for every account that you have that you have money in they'll want probably two months of bank statements so your savings account statements your checking account statements any retirement you may have access to anywhere you have assets and assets or anything you own including cash or accounts they want statements of those things and usually depending where you bank they will have just the PDF that you can download from the website so that's pretty easy and so as you gathering those things up you would put it in that mortgage application 20:19 so you would put those all of those things together trying to get there's anything else that's important so all your assets I said that check stubs two years of employment history so they want to make sure that you've been working if you have not so say you've been maybe you have some time when you weren't employed they will ask you for a letter of excellent explanation as to why you left that job why you had any gaps in employment history and you'll see that a lot depending on if they see any inconsistency that they're going over your loan application they will ask for a letter for you to explain you know to the underwriter and underwriters the person that really goes through all of your paperwork and make sure that you are qualified for the loan they will ask you for a letter of explanation all that is it sounds kind of complicated but it's just a written a written explanation of what happened why were you why didn't you work for three months oh I took off I was so say for example you didn't have any check stubs and you were out for maternity leave but she worked at this job for the last five years you may want to say well I was on maternity leave for you know three or four months and I returned back to work on this date and maybe your income either dipped or maybe you don't have any income if your employer didn't allow paid maternity leave I think that's it I'm going to do mine any kind of you rent they match you for copies of rent checks or what you've been paying if you already have a mortgage and actually for your last mortgage statement so they make sure that is on time you're paying out on time if your divorce they matched before the divorce decree or any like sometimes these are like extra things they may ask for depending on what if you're getting any other income so child support income alimony they want all of that if you're retired so I am a 55 and older real estate advisor so I work with a lot of people that are above 55 and they're retired and they need copies of the Social Security income their pensions and sometimes that is difficult because where it used to be paperwork but now everything's online if they're getting their income direct deposit but getting that pension statement or that Social Security Statement if they haven't kept the paperwork or they don't go online they don't have access to it so I helped them through finding out where to access that information so everything is here also look other than my keeping electronic file if you have paper files and anything just by one of these little accordion organizers open it and you can make and even have a little file you put my business card in here and you know whatever the you put my business card the mortgage officers business card and you can just organize their things if you're more inclined for papers then and you have the paperwork then you can put it there a lot of times I have my clients yeah you know you choose me as your Realtor I will give you one of these if you have paperwork and if you ever need help scan anything is because most blowing officers they want things for the most part electronically so if you need to scan anything I will skin it for you and send it over also I deal with a lot of local agents so again sometimes I'm 55 and older they want to sit down with somebody and they want to go over because I just used some more inter interaction not everything online so most of my loan officers that I recommend to people are local you can go to their office with all of your papers and just give it to them with are going to do is they're going to scan it and then talk to you about your loan then so those are some of the things you need to start gathering up if you plan on being a homeowner in 2019 or any time in the near future so just so you know what they're going to be asking for ahead of time so they're not aggravate or surprised at all by the amount of paperwork that they are requesting it's pretty standard it is more information than was required in the past because they're trying to avoid another mortgage crisis like they had in 2720 2007-2008 so just be mindful and they want the paperwork much now to organize it's really no big deal thank you so much this is getting real about real estate subscribe to my page for more helpful videos on the real estate industry home buying a home selling tips and see you next Tuesday our next Wednesday if you're on YouTube for more getting real about real estate this is Shahid ahelo of maximum 1 Realty Atlanta excellent and buyer seller and community service thank you