Mortgage Application Documents Checklist – So you’ve decided to take the plunge and buy a home, and like most of us, you need a mortgage. Before you hit that big, flashy “Apply Now” button, take a moment to get all the paperwork you need. There is a lot of information that you will simply need to approve for the lender to obtain on your own, but there are still some important documents that you will need to provide upfront when applying for a mortgage. Read on to learn about these necessary documents to be fully prepared for your mortgage application.
First, before a lender can decide if you’re responsible enough to lend to them, they’ll need to verify that it’s YOU. I hope your state driver’s license is easy to find, it should be right in your wallet! This step is to protect your identity and prevent identity theft.
Mortgage Application Documents Checklist
Then the lender will want to verify your income. This can be done in a number of ways, so be prepared to provide both pay stubs and W-2s, although the lender may require one or the other. Keep in mind that this process is intended to assure the lender that you will be able to repay the loan, so you will need to prove your income, assets and debts.
Mortgage Application Checklist
Some mortgage lenders may also ask you to provide copies of previous tax returns. This shows your income and other aspects of your personal finances that can help you understand yourself as an applicant. You may be asked for tax returns for the past 1-2 years, so you should have them readily available. If you are self-employed, you will show your income instead of paying stubs or W-2s.
Some lenders may require you to link your online bank accounts via their website so they can see any changes to your accounts. They can also ask for bank statements for the last few months. If the mortgage lender doesn’t link to your bank accounts, you’ll also need to provide bank statements the day before closing to ensure you have the funds to close.
To show other assets you own, you’ll be asked to list all assets, such as other real estate and retirement accounts. Be prepared to show investment statements and proof of ownership of any real estate or land you own. Later in the process, you may be asked to provide a statement of your investment or retirement accounts.
Mortgage lenders need an overview of your credit, so you’ll need to provide information about every credit account you have. These include second mortgages, auto loans, student loans, personal loans, credit cards and retail cards. If possible, you should pay off all credit cards before applying for a mortgage and avoid any fees until after you close. While it most likely won’t improve your credit score in such a short time, it will look better to a mortgage lender and improve your debt-to-income ratio.
Mortgage Refinance Documentation Checklist
Finally, if you receive money from family or friends that you don’t need to pay back to help with the down payment or any related loan costs, you’ll need to clearly document it as “gifts.” You will need to check with your lender what the minimum donation amount is required to qualify for a gift certificate as it varies by lender. Gift certificates should include who the gift is from, your relationship to it, the amount, which you don’t need to repay, which is for a home purchase, when it will be transferred, and the signatures of the senders and you. After the money has been credited to your account, you will also need to show proof of the transaction from both parties.
Download our Mortgage Application Checklist in PDF format for a quick and easy guide to help you prepare. Here is a preview of the document:
If you’re not sure if you’re approved for a mortgage, read more about mortgage approval requirements. It is best to research the various aspects of mortgage approval beforehand so that you are not caught off guard and unprepared.
Rebecca co-founded The Loaded Pig to help people achieve their financial goals. Her passion for financial freedom has landed her in US News & World Report, CreditCards.com, Cheapism and many more. Rebecca holds an MBA from the University of Florida and a BA from the University of Miami. She is currently a professor in the economics department at Broward College.
Documents Needed For A Mortgage: A Complete Checklist
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Applying for a mortgage can seem like a daunting task, especially for first-time home buyers. But that doesn’t mean that preparing for the application process has to be a nerve-wracking event. Those who are adequately prepared with the proper documentation are more likely to avoid headaches that could materialize during the loan approval process.
Here are some documents that every loan applicant should have at hand when deciding to proceed with the loan:
Loan applicants should always carry photo identification, such as a driver’s license, and a Social Security card so that the lender can verify the identification of the buyer and detect potential fraudulent applications. A passport also works in most cases.
Checklist For Self Employed Borrowers During Covid 19
If you already own a home and are considering taking out another loan, your property tax bill is critical to lenders. This document helps lenders calculate the debt-to-income ratio.
As with property tax bills, your existing mortgage returns allow the lender to see how much you’re currently paying for your home so they can better calculate your debt-to-income ratio.
Lenders may also choose to carry out a market analysis to verify that you have equity in the property. If you’re underwater in your current home, you may not qualify for another home loan or a mortgage loan.
If you are currently renting, lenders may request copies of previous rental checks to verify your potential credit risk. When applying for a loan, be prepared to present rent checks for the past 12 months to prove that you paid on time and in full each month.
What Is A Mortgage Conditional Approval, And Will I Be Approved?
Current, savings and investment account statements from previous months are required to verify assets and income. Borrowers should also be prepared to account for any cash gifts they may have received.
Providing two years of tax returns, W-2s, and 30 days of pay stubs gives lenders the ability to see your proof of income. If necessary, you will need to provide social security or pension certificates. If you are self-employed, be prepared to bring an annual profit and loss account.
Mortgage loan applicants should also provide lenders with any data regarding their long-term savings. The savings act as money towards reserves that will benefit applicants when they apply for a mortgage.
Please note that this is not an exhaustive list. The documents required to process your loan will be determined by your unique situation, as additional documentation may be required. It is important to contact your lender in advance to ensure that you have all the documents required to proceed with the loan.
Uk Expat Mortgage Checklist
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Mortgage Refinance Checklist
Pay the loan conveniently with a debit card or electronic check! Get started by clicking ‘Continue’ below¹.
¹ An additional service charge applies. By clicking on the “Continue” button, you will leave our website and enter a specific page for making a loan payment by debit card or electronic check. Posted by Beth Carr on Wednesday April 7th, 2021 at 6:16pm by Beth Carr / April 7th
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