Mortgage Loan Document ChecklistUpdated on 5/29/2013
When applying for a mortgage loan, you will be required to present documentation to your lender to support your claims that you are able to financially assume the loan. You will have to present this documentation regardless of if you have been pre-approved for your loan. This process can be lengthy, so it’s best to know what documents to present from the very beginning so as to avoid any confusion or wait time. Here’s a tentative list of the documents you should have ready to present to your mortgage lender when you’re ready to make an offer on a house:
· Income proof:
Borrowers will need to provide one month’s worth of pay stubs as well as W2 forms. Many lenders will ask to see pay stubs from the last two years. If any of the borrower’s income comes from rental properties, the lender will request bank statements and voided rent checks.
· Proof that you’re current on your rent payments:
Borrowers will need to provide a year’s worth of bank statements and rent checks to show that they are current on all rent payments. If a borrower cannot find these documents, the contact information for their landlord is sufficient.
· The past two years of tax returns:
Tax returns are another form of income verification. In several cases, lenders will request three years of tax returns.
· The last 30 – 90 days of your bank statements:
Thirty to ninety days worth of bank statements for every bank and investment account the borrower has needs to be presented to the lender. If a borrower is taking out a jumbo mortgage, the lender will definitely need at least three months worth of bank statements for every account.
· Documentation regarding any gift money:
If a borrower is receiving gift money to help make the home purchase, the provider will need to provide current bank statements proving that they can afford to make that contribution. A deposit slip for the gift may or may not need to be provided.
· Credit information:
Borrowers will need to provide account numbers for any loans, debts or credit that are in their possession.
· Address history for the past 7 years:
Lenders will need to have a list of addresses for the borrower’s residencies for the past seven years.
· Self-employment documentation (if applicable):
If a borrower is self-employed, he or she will need to provide a profit and loss statement for the year, copies of client checks and credit card merchant statements.
· Divorce decrees (if applicable):
If a borrower is divorced, a copy of the divorce decree will most likely be needed in order to prove that no one else has a claim on his or her property.
For a more comprehensive look into what is needed after the pre-approval process, please visit our “Mortgage Application Checklist” page.