Why do you think about these online applications for applying mortgage loans?

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I’ll be going to a bank for a Mortgage loan application, the lender sent me an email that says I need the previous 2 year W-2 forms, the problem is I did my taxes online and I didn’t bother to save the W-2 forms… Do I really need these forms or can I just take my Tax doc files?
and If I really need the w-2 forms where can I get them from?

  1. Reply
    January 30, 2011 at 12:09 am

    Your not going to get the best deal or service… you will have a bunch of loan officers calling you that work for large corporations. They are on small comission splits and need to charge you alot to make a living…give me a call and i’ll show you everything.

  2. Reply
    January 30, 2011 at 12:41 am

    If you are talking about the one page web sites where you put in a little bit of information, don’t do it. If you are talking about a site where you have a lot of information available for your review and reading, perhaps yes.

    As a Principal Mortgage Broker of a Mortgage Broker Business in Florida, I have opted not to advertise with most web sites who provide rates because the rates are fictitious (I am talking about those big name companies you see every day on the web). I have often seen where the lender or broker would have to pay you to give you the rate that is provided online! I choose not to play these games…but I can sleep at night and my clients come back to us.

    If you feel comfortable with the web site, they provide a wealth of information, and/or you speak with someone who you feel comfortable with, then I’d say fill out their online mortgage application. After wards, within 3 days, they should send you a Good Faith Estimate (GFE) with the rate and terms along with all the costs you can expect to pay (Line Items with numbers in the 800 range).

    VERY IMPORTANT, don’t let everyone pull your credit report!!!!!!!! These online applications often have – in small print- that you are giving permission to pull your credit. Have your credit pulled one time and tell everyone what is on it when you shop. Pulling your credit does pull your scores down (see Credit on the sites below for more info).

    Be careful. Do some research. And listen to your thoughts and emotions. If it doesn’t feel right or sounds too good, it probably is no good.

  3. Reply
    January 30, 2011 at 1:16 am

    W 2 forms are the proof of your income from the jobs. If you cant get a copy just ask your previous employers where you worked and they should be able to provide you one.

  4. Reply
    January 30, 2011 at 1:33 am

    I needed my W-2 form from 2008 (the most recent year), my last two paychecks, and the last two monthly statements from my checking and savings accounts. I presume this varies slightly between lenders.

  5. Reply
    January 30, 2011 at 2:27 am

    You are going to need to get copies.

    You are supposed to keep them for 7 years, just in case your state or the IRS decides to audit your records. It often takes them a few years to get to questionable tax issues.

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