Phoenix is the capital of Arizona, as well as the most populated city in the state. With plenty of people living there and more coming in all the time, new housing is always being built to accommodate the flow of people looking for sunny skies. The unique thing about Phoenix is that aside from being the largest state capital in the United States, it is also quite expansive. Spanning around 475 square miles, you may find yourself living with a comfortable suburban feel, but still within city limits. Wherever you may be in your decisions regarding Phoenix and your home, refinancing, getting a mortgage, or getting a home equity loan are things you will want to think about as well.
Looking to refinance, apply for a mortgage, or explore home equity loan options means you will need to fill out some paperwork. Make sure that you talk to your lender and understand the purpose of each piece of documentation. There are numerous forms a lender will request you fill out, and some pieces of documentation that you will be expected to bring in. These are all lawful and necessary requests on the part of the lender.
You will fill out some documents, while your lender will facilitate others. Often both of your names will be signed on the final line. All of this documentation will be kept organized and is used in a specific manner as to determine the right mortgage, refinance, or home equity loan for your specific needs.
Original application – This is the original application for the financial transaction you are requesting. This is your formal request for the mortgage, home equity loan, or other transaction that will set off the rest of the process.
Appraisal and survey – When the lender has an appraisal done, the property you wish to purchase is looked at closely in order to determine its worth.
Verification of Employment – This form is also known as a VOE. Your lender sends a written VOE to current and previous employers you have listed on your original application. They will fill out this form to give the lender an idea of your employment history.
Verification of Deposit – This form, also known as a VOD, goes to your bankers. In the similar fashion of a VOE, it gives the lender a close look at your banking history.
Certificate of Eligibility – If you are a veteran, you will have to fill out this form in order to prove you are eligible to receive a VA loan.
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