Before you get into a loan, get in the know.
Required Mortgage Disclosures & Required Documents
- If you are applying for a mortgage, read Shopping for your home loan: Settlement cost booklet
- If you are applying for an adjustable-rate mortgage, read Consumer Handbook on adjustable-rate mortgages (CHARM) Handbook
When you receive a loan approval, we’ll likely require certain documentation to verify the income and assets stated on your application. The type of documentation depends on:
- Whether you're a salaried employee or self-employed
- The equity position you'll have in your home
- Your credit history
We’ll let you know which specific documents we’ll need to close your loan and ask you to return your documents to Old Second within 48 hours after you receive an approval, so we can move quickly to set up your closing.
Salaried employees usually must provide the following documents:
- Most recent pay stub for all borrowers, showing year-to-date earnings
- W-2 forms for all borrowers from all employers for the last two year’s tax filing
- Most recent credit union, bank and/or brokerage statements verifying assets
Self-employed borrowers usually provide:
- Personal tax returns, including all schedules, for the last two years
- Business tax returns, including all schedules, for the last two years
- Most recent (two months) credit union, bank and/or brokerage statements verifying assets
If you rely on other sources of income for your monthly obligations, you must supply the appropriate documentation to support the loan request.
Finally, if purchasing a home, you must provide Old Second with a signed purchase contract. If we need additional documentation, we'll let you know what we need and why we need it.