There is a lot of paperwork you will
need to gather in order to secure a mortgage. Lenders need
to have proof of your assets, your income, the quality of your
credit and other important financial information.
You can save time by gathering the
documents you will need in advance of visiting the lender. By being
prepared, you are showing the lender that you are organized, able to
manage your finances and serious about purchasing a home.
You will need the following
information and paperwork to apply for a mortgage:
" The last two years of federal tax
returns and W-2 forms
" Two recent pay stubs showing your
name, Social Security number, name and address of your employer,
your year-to-date earnings and base salary.
" Proof of other income, such as a
second job, overtime, commissions or bonuses, rental income, child
support, alimony, Social Security or other benefit disbursements.
" A list of all of your creditors,
including credit cards, student loans, auto loans, child support and
alimony. You will need the account numbers, names and addresses,
minimum monthly payment amounts and total balances.
" Investment records, such as mutual
fund statements, real estate and auto licenses, stock certificates
and other investment or asset documentation.
" Canceled checks showing mortgage or
rent payments for the last year.
" Home sales contract that includes
the purchase price, property description and closing
date.
Not all lenders will require all of
the above paperwork and some may require more. Borrowers with very
strong credit scores may not need to provide any of it. But by
having it ready, you will save valuable time during the application
process.
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