What Documents Will I Need to Apply For a Mortgage? When applying for a mortgage, the lender will typically require a range of documents to assess your ability to repay the loan. The exact requirements can vary depending on the lender, the type of mortgage, and your personal financial situation. However, here’s a general list of documents that you might be expected to provide:
What Documents Will I Need to Apply For a Mortgage?
- Government-issued photo ID (e.g., driver’s license, passport)
- Social Security number
- Income Verification:
- Recent pay stubs (usually the last 30 days)
- W-2 forms from the past two years
- Proof of any additional income (e.g., alimony, bonuses, royalties)
- If self-employed: Tax returns from the past two years, including all schedules, and a year-to-date profit and loss statement
- Asset Documentation:
- Bank statements for all financial accounts, including checking, savings, and any investment accounts for the last few months
- Statements for retirement accounts, such as IRAs or 401(k)s
- Documentation for any other assets you are using to qualify for the mortgage
- Credit Information:
- Lenders will typically pull your credit report, but you may need to provide additional information or explanations for certain items on the report.
- Debt Information:
- A list of all current debts, including student loans, credit cards, car loans, and other mortgages, along with account numbers and the addresses of your creditors
- Recent statements for any loans or lines of credit
- Property Information:
- A purchase agreement for the property you intend to buy
- Property listing (if available)
- Property tax information
- Other Documentation:
- Rental history (if applicable)
- A letter of explanation for any unusual circumstances in your financial history, such as gaps in employment
- Divorce decrees, child support orders, and other legal documentation that could affect your financial status
Remember that this is a general checklist and your lender may require additional documentation. It’s also worth noting that the mortgage application process has increasingly moved online, and many lenders now use digital portals where you can upload your documents securely.
Make sure to be as accurate and complete as possible when submitting your information to avoid any delays in the approval process.