Mortgage Application
When applying for a mortgage, you'll need to prepare and provide a variety of documents and information to your lender.
Required Documents - a general guideline
The requirements can vary slightly depending on the lender and the type of mortgage, but generally, you should be prepared to submit the following.
1. Personal Identification
- Government-issued photo ID (e.g., driver's license, passport).
- Social Security number.
2. Proof of Income
- Recent pay stubs (usually the last 30 days).
- W-2 forms for the past two years.
- Proof of any additional income (e.g., bonuses, alimony, child support).
3. Employment Verification
- Names and addresses of employers for the last two years.
- Employment verification letter or contact information for someone who can confirm your employment.
4. Credit Information
- Permission for the lender to perform a credit check.
- Explanation for any negative items on your credit report, if applicable.
5. Bank Statements and Asset Information
- Bank statements for the past few months.
- Investment account statements.
- Retirement account statements.
6. Debt Information
- Details of current debts (e.g., car loans, student loans, credit cards).
- Monthly debt payments and total debt balances.
7. Property Information (if you've already chosen a property)
- A signed purchase agreement.
- Information about the property type and location.
8. Down Payment Information
- Proof of funds for the down payment.
- If the down payment is a gift, a gift letter stating that the funds are a gift and not a loan.
9. Tax Documents
- Federal tax returns for the past two years.
- Sometimes, business tax returns if you’re self-employed.
10. Additional Documentation(if applicable)
- Rental history (if you’ve been renting).
- Divorce decree or separation agreement (to verify alimony or child support).
- Bankruptcy/discharge papers for any bankruptcies in your credit history.
- Documentation for any other source of funds or unusual transactions.
Keep in mind that this list is a general guideline. Your specific lender may require additional documents based on your unique financial situation or the specifics of the mortgage product you are applying for.
It's always a good idea to get a detailed list of required documents from your lender as early in the process as possible.
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