Documents Needed For A Mortgage

Having the necessary financial documentation ready when you talk to your loan expert will speed up the mortgage process. Submitting them a few weeks prior to your closing date will help ensure a smooth closing without problems. Every situation is unique so you may be required to provide additional documentation. Please do not incur any additional debt when applying for a mortgage. Before you bought that new car or new iPhone you may have qualified for your dream house. After, your debt to income ratio could be too high to get approval. Car loans are easy to get. Mortgages are not. Our loan experts are here to help advise you on the best way to achieve your dream home.

1. Identification

2. Last two paystubs

3. W-2's for the last two years

  • Names and addresses of all employers for the last two years
  • Letter explaining any gaps in employment in the past 2 years
  • Work visa or green card (copy front & back)
  • If you will use alimony or child support to qualify please submit a copy of the divorce decree/court order stating amount and proof of receipt of funds for the last year

If self-employed or receive commission or bonus, interest/dividends,
or rental income:

  • Provide complete tax returns for the last two years PLUS year-to-date
    Profit and Loss statement. If you have filed an extension, please
    supply a copy of the extension.
  • K-1’s for all partnerships and S-Corporations for the last two
  • Completed and signed Federal Partnership (1065) and/or Corporate
    Income Tax Returns (1120) including all schedules, statements
    and addenda for the last two years. (Required only if your ownership
    position is 25% or greater.)

4. List of debts with outstanding balance and monthly payments

  • Details of all current debts with copies of the last two monthly statements
  • Details of mortgage holders and/or landlords for the last two years
  • If you are paying alimony or child support include marital settlement/court order stating the terms of the obligation

5. Two months of asset statements

To qualify for a mortgage, you need to be able to show that you have money for the closing costs. Acceptable sources of funds may come from:

  • Sale of your existing home – provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold
  • Savings, checking, or money market funds – provide copies of bank statements for the last 2 months
  • Stocks and bonds – provide copies of your statement from your broker or copies of certificates
  • Gifts – provide Gift Affidavit and proof of receipt of funds

6. Purchase agreement - Not needed on refinance

  • A copy of the signed sales contract including all parties
  • Verification of the deposit you placed on the home
  • Names, addresses, and telephone numbers of all realtors, builders, insurance agents, and attorneys involved
  • Copy of Listing Sheet and legal description if available. You may also need to provide condominium declaration, by-laws and most recent budget, if the property is a condominium.

7. Homeowners Insurance Declaration Page

Homeowner’s insurance is used to verify that you’ll have sufficient coverage on the property when getting a mortgage. It covers any damages that may affect the home’s value. You want to purchase it a few weeks in advanced of your closing date, but have it start on your closing date.

8. Copy of Your Earnest Money Deposit - Not needed on refinance

The earnest money deposit is a deposit made by a buyer towards the down payment in evidence of good faith when the purchase agreement is signed. You may be asked to provide a copy of the earnest money deposit.

9. Copy of Title Insurance - Only on a refinance

Title insurance protects a buyer against any errors in the title of the property. Having a copy of your title insurance will help verify the legal description of the property, the taxes, and the names on the title.

10. Please disable any locks you have with the credit reporting agencies.