For most people, there is no more significant a financial transaction in their lifetime than that of a mortgage loan. Despite its importance, getting a mortgage is infrequent enough for the average person that it can be a daunting process. However, it doesn’t have to be that way. In this series we are going through each step on the way to getting your mortgage to better help you be prepared for the process!
We have discussed preparing your finances for a mortgage, selecting a loan type, and choosing your lender. Now we will look at the loan application process itself.
When you go to apply for your mortgage, you’ll need certain documents with you. Here is a list of some of those items
- Tax documents
- Pay stubs or W-2s
- Bank statements
- 401(k) or other retirement statements
- Any additional financial assets information
- Credit report
- Letters indicating any gifts
- Photo ID
- Rental/address history
- Employment information
Provide paperwork to document any unique income, credit or application issues, including:
- A divorce decree (to show debts paid by an ex-spouse)
- Proof of child support you pay or receive
- Bankruptcy documentation
- Federal or past-due tax payment plans
- Business and personal tax returns (if you’re self-employed)
- Cosigned loans
This may not be a totally comprehensive list. Your chosen lender or the loan you’ve selected may require additional items, but in general you will need these things. If you are married, your spouse will need to supply those items as well.
Next: Closing on your mortgage