Your loan approval process generally begins with a review your application for a home loan. During this review, we consider two key factors:

• Your ability to repay the loan
• Your willingness to repay the loan

 

Your ability to repay the loan

Your ability to repay a loan is determined by verifying your current employment and total income. As a rule, mortgage companies like to see that you've been employed at the same place for at least two years or that you have been in the same line of work for a few years.

 

Your willingness to repay the loan

Your willingness to repay a loan is, in part, determined by examining how you will use the property you're planning to buy. For instance, we ask if this is owner occupied, non owner occupied or an investment property. In addition, we determine your willingness to repay a loan by looking at your previous financial commitments and how you've handled them. We can gain this information by looking at your credit report or utility bills.

Despite our standard methods for determining ability and willingness to repay a loan, we want to emphasize that MetLife Home Loans approaches every loan application on an individual basis. We look at all of your circumstances before making a decision.

 

What you will need to complete your mortgage application

To begin the process, you'll need to gather a few things so we can help you apply for the loan that's right for you.

• Purchase contract (if you have one)
• Checking and savings account statements for the last two - three months
• Pay stubs for each borrower and co-borrower(s) - reflecting earnings for the last 30 days, and year-to-date earnings (these must be computer-generated or typed originals that identify the employer and the employee's name)
• Last year's W2 (and 1099 if applicable) for each borrower and co-borrower(s), plus federal tax returns for the last two years (or other proof of income and employment verification)
• Divorce settlement papers (if applicable)
• Credit card bills for the last few billing periods, or cancelled checks for rent or utility bill payments
• Information about other debts such as car loans, furniture loans, student loans, and retail credit cards
• A gift letter if you are using a gift from a parent, relative, or organization to help with your down payment and/or closing costs. If you are using a gift, check with me.

 

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