Preparing to Apply for a Mortgage
Below you will find an itemized list of all of the information typically needed to process a mortgage. In order to start the application process a "loan application" (form 1003) is completed with information you provide verbally to a loan officer. The loan application information includes your current and previous address (if you haven't been in your home for at least two years), your current and previous employer (if you haven't been with the same employer for at least two years) and your credit and asset information.
This list attempts to cover all of the information that may be needed. The loan type and your particular credit situation will eventually determine exactly what documentation you will need to supply.
Borrowers with higher credit scores may be eligible for certain income verification waivers, e.g. you may only be required to provide one pay stub or may qualify for what is known as a "streamlined mortgage acceptance".
There are also loan programs which offer a discount on the interest rates for borrowers with exceptional credit. Ask us to see if you qualify.
Borrower and co-borrower information
- Your photo Identification
- Your Social Security Number
- Your home address for the last 2 years
- The name, address and phone number of your landlords over the past 2 years
Borrower and co-borrower employment information
- The name, address and phone numbers of your employers over the past 2 years
- Your academic transcripts or diploma if you have been a student
Borrower and co-borrower proof of income
If you are paid by salary or are an hourly employee
- Your most recent pay stubs showing the last 30 days of pay
- Your W-2 and 1099 forms for the past 2 years
If you are self-employed
- Your current profit & loss statement
- Your past 2 years income tax returns including all schedules
Proof of social security or pensions
- Your award letter
- Your W-2 and 1099 forms for the past 2 years
- Proof of recent receipt of payment (either check stubs or your current bank statement)
Proof of borrower and co-borrower assets
- Your current statements for the past 2 months for any financial institution where you have funds on deposit including IRA's and 401K's.
- The Estimated value of your personal property including automobiles and real estate owned
- A gift letter, if applicable
- A copy of cancelled gift money check if applicable
- Proof of deposit of gift funds (e.g. a stamped deposit slip)
Proof of borrower and co-borrower liabilities
- Any child support, alimony or maintenance payment information
If divorced:
- Copy of Marital settlement Agreement including child support, alimony, etc
