Pre-Approval Checklist

Are you not sure how to get started, we will help you! In order to get the approval process started, please gather the following items and send them to us via our secure borrower portal. We like to work for approval instead of just pre-approval so that you’re ready to buy when the time comes.

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  • Last two pay stubs (when you receive the next one automatically send it over to your loan officer, that keeps the file active)
  • Last two years W2’s, 1099’s, K-1’s (most people are straight W-2 so unless you’re self-employed you won’t receive a 1099, K-1’s are if you receive dividend income or are self-employed.)
  • Last two years tax returns (all pages including schedules- If you write too much off on your schedule A this could be a problem)
  • Last two years 1120’s or 1065’s if applicable (again, if self-employed)
  • Last two months (consecutive) bank statements for checking and savings (all pages even blank ones; when you receive the next one automatically send it to your A and N loan officer) for any print screens the URL will need to be at the bottoms including, name and address
  • We will need to source all large deposits that are not payroll related
  • Which account is your down payment coming from?
  • 401k statement or stocks, any assets for the last two months. If they are quarterly, send the last quarter’s statement along with a current print screen.
  • IRS Transcripts (validation that your tax returns are filed with the IRS)
  • Please follow the directions from the IRS website:
  • If you are unable to do this, your A and N loan officer will order them for you!
  • Contact for Human Resource Department to Verify Employment within 10 days of closing and Three days after closing (it must be done twice) Does your employer use if so you will need to set up a salary key code and PIN number.
  • Copy of driver’s license (front and back, we can’t wait to see your photo)
  • Please email your loan officer with your current employer name, address, job title, length at your current employer. If less than two years please list all employment for the last two years.

What happens once you are under contract? The below items are needed once you are under contract:

  • Executed (signed) Purchase Contract with all seller’s disclosures (typically your Realtor will give you this)
  • Earnest money – once the earnest money has cleared your account, your A and N loan officer will need a copy of the front and back of the checks, please make sure the print screen shows the web address at the bottom and shows that the money came out of your account. (Typically, you will give two checks, we will need the image of the front and back for both along with the transaction history showing it cleared) The transaction history needs to start on the last day of your last statement. The Importance of Verifying Earnest Money
  • The underwriter needs to be able to see that the Earnest Money deposit has come from your account. This allows the Earnest Money to be applied towards your down payment and minimum required investment. With that in mind, this is what is needed to verify your Earnest Money: You will need to obtain a copy of the canceled check (the check that has cleared your account) whether it is a standard or cashier’s check. Additionally, we will need the bank statement showing the amount of the actual check clearing your account with the check number matching that on your bank statement. If money is withdrawn to purchase a cashier’s check, the date of the withdrawal should match the date of the check and the amount should either match the check or be very similar.
  • REMINDER: When you receive a new pay stub or bank statement send it over automatically, your A and N loan officer will need all pages even the blank ones. If any deposits are not payroll deposits we need to see the bank account (all pages) of where that money came from. Do not deposit any other money than Payroll deposits. If you receive any expense reimbursement checks we need a copy of the checks. Your down payment needs to be in a liquid account 3 to 4 weeks prior to closing. This means if it’s coming from stocks you will need to sell the stocks in advance so that we can meet the purchase agreement dates.
  • Once you send over your documents send a follow-up email to make sure they have been reviewed. Once the loan officer orders and receives the items that they need, they will send the file to one of our efficient processors You are in great hands! Then the file is moved to underwriting. The underwriter will review the file and issue a commitment letter with conditions. An A and N team member will then reach out to you for the conditions. Please send the conditions that we need back the same day or the next day, it is crucial to keep this process moving so that we meet the deadlines. What can delay closing and how can you help? After attorney review, get your Insurance – you don’t have time to sit on this. Our office will need this one week after you are under contract, you will pay it in full for one year and then send the insurance Dec page and the binder. Please get an Insurance Quote this week, do NOT wait. If you like the quote, order the insurance.

They will ask you for the following information:


Mortgagee Clause
A and N Mortgage Services, Inc
1945 N Elston
Chicago, IL 60642

You will pay this upfront for one year and the agent needs to email us the paid receipt along with the declarations page.

Remember if you have further questions on the loan approval process reach out to your A and N loan officer.

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Here are three commonly asked questions.

INSURANCE: When do I need this?

A and N will need this one week after your contract is approved and we must receive proof paid in full for one year. Yes, you will pay the insurance upfront for one entire year and then send us a paid receipt.

LARGE DEPOSITS that are NOT paychecks: Do I need to deposit money from selling Cubs tickets into my account because I am a season ticket holder and I sold some of my tickets?
Keep a copy of the proof of sale of the tickets.

ATTENDING CLOSING: Who is required to be at the closing? You and whoever is going into title for the new property is required to attend the closing. If you won’t be able to attend closing let us know at least two weeks before closing. Power of attorney is permitted only for owner-occupied purchases.