Checklist of documents needed for mortgage application
For most people, buying a house requires applying for a mortgage and this process can be intimidating to some first time home buyers.
By planning ahead and gathering documents needed for mortgage application, you will be in great shape to get pre-approved.
Mortgage application checklist
Identification card and social security card
If you’re not a U.S citizen copy of permanent resident card (front and back) or a valid unexpired employment authorization card.
Federal Tax Returns For The Last 2 Years
If self employed and file separate business tax returns, we need both personal and business tax returns.
W-2s and/or 1099s for last 2 years
If applicable, 1099 and/or K-1 from your business tax returns are needed.
Most recent 30 days worth of Pay stubs
If you’re paid twice a month, bring most recent consecutive pay stubs.
Most recent 2 months of banks statements for all checking, savings, and invvestment accounts
Don’t forget to include first and last page as well. If the statements says “x of 10 page”, we need all 10 pages even if last page is blank.
Residence addresses for the last 2 years
If you lived in multiple locations within the last 2 years, we need each addresses and how long you lived there.
Most recent mortgage statements, HOA statement/payment slip, and proof of homeowner’s insurance for all properties owned
This only applies if you are refinancing and/or have other properties. For first time home buyers, this is not necessary.
VA only: DD214 & Certificate of eligibility
This only applies to VA loan borrowers.
Sales contract and all addendums
This only applies to home purchase transaction and will most likely get it from your real estate agent.
When to gather these documents needed for mortgage
Getting pre-approved for home loan is not required to shop for home but most real estate agent will require that you do. This is because it’ll save both you and the agent’s time by making sure you qualify and to find out how much you can afford.
In a perfect world, it’s best to consult with your preferred loan officer/lender before shopping for a house and take the pre approval letter to your real estate agent. This shows the agent that you are serious and well qualified to serve your needs.
If you prefer to meet with real estate agent first that’s ok, too. As a matter of fact, most people end up getting referred to a reputable loan officer from their real estate agent.
However, if you’ve signed a purchase contract already but have never consulted with a loan officer, it’s crucial that you do so right away.
At this stage, your clock is ticking already and you must start the loan process as soon as possible.
Contact us: I need to get pre approved ASAP!
