Residential Mortgages

Valley offers flexible terms, competitive rates and local, timely decisions to make the borrowing process easier and more convenient for you. View our loan products and choose the home financing that is right for you.

Your Mortgage Checklist

Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. The following checklist will help you understand and gather the information needed to apply for a mortgage loan.

Personal Information

  • Your name, co-borrower's name(s) and any name(s) under which you have previously applied for or received credit
  • Social security numbers of you, your spouse or other co-borrowers
  • Marital status
  • Number and age of dependents
  • Current address and telephone number. If you have lived at your current address less than 2 years, be prepared to furnish former addresses for up to 2 years
  • A detail of your current housing expenses, including rent or mortgage payments, real estate taxes and insurance (your mortgage payment may include tax and insurance escrow)

Employment History and Sources of Income

  • 2 years employment history with employer's name and address, your job title or position, length of time on the job, salary, bonuses, commissions and overtime
  • Recent paycheck stubs and Federal W-2 forms for 2 years (a full Federal tax return may be required if your are self-employed or have other sources of income)
  • Social security and disability payments: provide a copy of the award letter, or a copy of the bank statement for proof of electronic deposit, or a recent check stub
  • Rental property income; provide a copy of lease agreement(s)
  • Alimony and child support*, you must provide adequate proof of the source: canceled checks, divorce decrees

* Note: Alimony and Child Support need not be disclosed unless it will be used to repay the obligation.

Personal Assets

  • Checking, savings, or money market accounts which will be used to complete this transaction, with the name and address of the institution, name(s) on the accounts, account numbers and current account balances
  • Statements for the last two months on all listed accounts
  • Current market value of stocks, bonds, CDs and other investments
  • Vested interest in all retirement accounts
  • Address and market value of all real estate

Personal Indebtedness

  • If you have been through bankruptcy or foreclosure proceedings within the past seven years, be prepared to give full details and copies of applicable documents
  • Explain the details of obligations to pay alimony, child support or separate maintenance

Details of Purchase Contract and the Property

  • A complete copy of the sales contract, including any addenda, signed by all parties, showing the full names of the sellers and buyers as they will appear on the new deed, the amount of earnest money deposit and who is responsible for closing costs, origination fees, etc.
  • Name, address and telephone number of the real estate agent and/or the seller of the property who will assist the appraiser in obtaining access to the property
  • Name, address and telephone number for your attorney or settlement agent

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