Documents your Mortgage Lender Will Want

Documents your mortgage lender will want

All Mortgage lenders have requirements of paperwork that verifies every aspect of your financial life: your debts, income, assets, and even more to satisfy the requirements of the investor your loan will be sold off to.

Prior to applying for a mortgage you should gather the following documents:

W-2's

Lenders guidelines typically require the most recent W-2 wage forms and tax statements, (1040's). Some lenders will only require just the W-2's for wage earners only.   

Profit and loss statement

Self-employed borrowers may have to submit a current-year to date profit and loss statement. This is to prove that the borrower is still in business and is earning income. 

30 days Pay-stubs or Checks

Guidelines typically request 30 days of pay to confirm income. If your stub has a year-to-date income listed then you may only need 2 weeks.  If there is other income on the pay check an employment verification might be requested.

1040's

Some lenders might require you to provide 2 years worth of 1040's including all the pages and schedules. These returns will be reviewed for un-reimbursed employee business expenses, and/or self-employment losses.   You will be required to sign a 4506-t which allow the lender to confirm what you have sent off to the IRS.  This must be completed prior to the lender clearing your file to close.

List of Assets

All lenders will require your last 2 months or quarterly statements, all pages for the following:

Bank Statements, Checking and Saving accounts.

Investments Accounts

Retirement accounts,  401k, IRA and/or any pension data to strengthen the file

They will review any and all large deposits and then request a paper trail from where the money came from.  The stronger your assets are the easier it will be for the lender to approve your loan request.

List of Debts

Most of your debts will show up on the credit report that is order via the lender. Debts that typically do not show up on a credit report are child support, alimony and other monthly debts that will be added to the application.

It is important to remember that the paperwork you supply has an expiration date of 90 days so the longer your loan takes the greater the chance you will have to provide additional documentation.   Call us today or click here to learn more about closing you loan in under 30 days.