Documents needed for your Loan

The following is a list of typical items needed for your mortgage application. These items are are needed depending upon type what type of mortgage you're interested in and your ability to provide them can greatly speed your application process.


Employment
____ Name and address of employers for the past two years
____ Copy of pay stubs for the previous 30 days
____ Copy of last two years w-2 forms
(if commissioned or paid by 1099, copy of last two years complete tax returns)

Self-employed
____ Copy of last two years tax returns (personal and corporate);
year to date P&L and Balance Sheet through the most recent quarter

Liabilities
____ Name and account numbers for all revolving and installment accounts
____ Name and account number for all mortgage loans for the previous two years
____ Name and address for landlords for the previous two years

Assets
____ Name, address, and account number for all bank accounts
____ Name, address, and account numbers for all brokerage accounts
____ Copies of statements covering last 3 months on asset accounts
____ Copy of most recent statement for 401K, Savings Plan, etc.

Miscellaneous
____ Copy of driver’s license and social security card
____ Copy of fully executed divorce decree if applicable
____ Copy of signed earnest money contract
____ Copy of lease agreements on rental properties
____ Veterans! Copy of DD 214 and Eligibility Cert. if you have it
____ Check for the cost of your credit report and appraisal

If you have ever filed for a bankruptcy you may want to have a copy of your bankruptcy papers and your bankruptcy discharge papers available for your mortgage loan officer as well to speed up the loan process.

If you are recently divorced the lender may also ask for a copy of your divorce decree.

Don't forget to bring your driver's license or other identification with you to closing; the title agents need to verify your identity too.

If you are required to pay child support or are claiming child support as part of your income, you will be required to provide a copy of the court order showing how much is paid every monht and for how long.

Some mortgage brokers offer reduced documentation or no documentation loans. These loans were originally designed for self-employed borrowers with hard to prove income, but have recently been made available to anyone who qualifies. Reduced or no documentation loans are generally reserved for people with good credit scores and a sizable down payment or equity in their home. These loans generally come with a slightly higher interest rate than full documentation loans, but for many the lure of not having to provide stacks of documents out weighs the additional cost.

» DISCLAIMER: The information contained in this article on 'Documents needed for your Loan' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.