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Mortgage Application Paperwork Your Lender Will Expect You to Provide

2/03/2011

If you’re a first time home buyer and you’re about to make your first home purchase, get ready to gather some paperwork.  A mortgage is a complex financial operation, and you’ll need to provide your lender or broker with multiple documents to secure the funds you need.  Your mortgage application will ask for the following information.

• Your contact information and personal information.
• Why you’re taking out the mortgage.
• The income you make and the money you have in the bank.
• How much debt you currently carry.
• Where you’re employed and how long you’ve worked there.
• Any legal issues you’re currently wrapped up in.

This is simply the application, though.  In order to complete the loan process, you’ll need to turn in several official documents.  This is true whether you’re applying for a conventional loan, an FHA loan, or any other type of loan.  Much of the required documentation is the same.  Make sure you’ve prepared the following items.

• Your credit report.  Your lender will pull this separately, but you’ll need to provide a copy of it with the application as a first look for your lender.  You should check your credit score yourself before you apply for the loan.
• Two or three months of bank statements to prove the amount of money you have in the bank.  If you have unseasoned money in your accounts, you’ll need to verify the source of this money.  Unseasoned money is simply money that hasn’t been in your account for more than three months.
• W2 forms from the previous two years to prove your income.
• Two forms of acceptable government ID.  This can include your driver’s license and your Social Security card.

These are the most common documents your lender will need to see.  If you’re getting a refinance mortgage, you may need to provide a copy of your current mortgage statement.  Either way, make sure you gather these documents early in the process and have them ready when your lender needs them.

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