Ready to apply for a mortgage? This document checklist will help you find what you need.
When you're buying a home, gathering the paperwork for your mortgage before you apply can be a big task. Tracking down documents can take time but doing it before you need them could help you get to the closing table faster.
You will owe your lender a stack of documents once you apply – and during underwriting – that show you can repay the loan. A mortgage application typically requires a paper trail to verify:
- Income and employment.
- Assets and debts.
- Credit history.
- Identity.
- Rental history.
- Other information, such as divorce, bankruptcy or gift funds.
Mortgage Application Information
The first step in applying for a mortgage is completing a standardized form called the Uniform Residential Loan Application. Each borrower has to complete this form, which asks for personal and financial details. Lenders use this application to determine your eligibility for a mortgage.
The application "is step one, where a borrower is just saying, 'Here's what I'm telling you about me,'" says Jeff Checko, a real estate broker with The Ashton Real Estate Group in Nashville, Tennessee. "That quickly graduates to where the bank says, 'OK, now we need you to show us with documents that support that application.'"
For more information on the documents needed for a mortgage visit the Scoop Blog
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