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Applying for a mortgage can sometimes feel like you're scaling - or maybe being buried under - a mountain of paperwork. Not only do you need to fill out forms that can run to several pages long, you have to provide backup documentation to support just about everything on those forms. Before you fill out your loan application, gather the documents you need. And watch out for paper cuts.
If you got preapproved for a loan, you've already done the groundwork for your formal mortgage application. You may need to update your documentation, but you won't have to supply everything all over again.
Here's a list of the documents and information your lender may require (not all items apply to everyone):
- Your purchase agreement
- Original pay stubs from the last 30 days. These need to have your name, Social Security number, and year-to-date earnings on them
- Tax returns for the past two years
- Original W2 forms for the past two years
- Proof of any other income you have (such as alimony)
- Proof of other assets (including stocks, IRAs, and pension funds)
- Most recent statements for all loans and credit card accounts
- Three months' worth of bank statements for all your accounts (checking, savings, and so on)
- The source of your down payment, such as personal savings or a gift from a relative
- Your residential history for the past two years (addresses and dates)
- Names, addresses, and phone numbers of any landlords from the past two years
- Names, addresses, and phone numbers of your employers from the past two years
- Driver's license or state ID and Social Security card (for FHA loans)
- Certificate of Eligibility (for VA loans)
Your loan originator should give you a list of the documents you'll need for your specific situation. If not, ask for one. It'll save everyone time for you to have the necessary papers in hand.
