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New York and New Jersey Mortgage Tip: What Documents do Mortgage Lenders need from you

Monday, August 31, 2015 - Article by: MEL SMITH - . - Message

Mortgage lenders require paperwork that substantiates every facet of your financial life: income, debts, and assets.The lender will request of you the following documents, so it is imperative to assemble them before you apply for a mortgage.

1.If you collect a paycheck, you need W-2 forms from the past two years

2.If you own a business, you will need a profit and loss statements or 1099 forms

3.Recent paycheck stubs

4.Provide last two years tax returns. If self-employed you will need to provide all schedules

5.A comprehensive listing of your debts: including student loans, vehicle loans, credit cards, and child support payments, along with the minimum monthly payments and balances.

6.Compilation of assets, including bank statements, mutual fund statements, real estate and vehicle titles, brokerage statements and accounts of additional investments or assets.

7.Please provide canceled rental checks or mortgage payments.

When documents are requested, deliver them promptly. Never alter any information on a document. Always provide all pages of each document. Furthermore, remain prepared to supply updated documents throughout the process.

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