There’s no getting around the paperwork involved in applying for a mortgage loan. Though you might hate paperwork, you have to be prepared to provide various documents to the lender. For pre-approval or loan submittal, there are a number of documents required. So don’t freak out, we’re going to help you.
We’ve created the following simple, clear check list of ALL the required documents you’ll need – and why they are necessary. Just open and then print this list out and, as you locate each document you need, simply check it off the list. Believe it or not, checking items off of any list makes that list seem more doable – and minimizes feelings of being overwhelmed.
To verify identity.
To show your income history. If you are self-employed, the last two years of your personal/business tax returns will be required, including logs
To show your current income (if paid weekly: 5 pay stubs; bi-weekly: 3 pay stubs; bi-monthly: 2 pay stubs). A letter of explanation is needed for a job gap of more than 30 days and/or declining income
To show you have the necessary funds to bring to the closing table for a possible down payment and/or possible closing costs. Must include the name of the institution and your name(s) as the borrower(s). You will also need to explain any large non-payroll deposits in excess of $250 made during this time period and any overdrafts.
To establish the financial information about the subject property. Must include the name of the institution, your name as the borrower(s) and the balance owed on the house.
To coordinate important information such as your premium amount, closing date and mortgagee information.
Must contain all pages, even if left blank.
Copy of DD Form 214.
Social Security Award Letter
*This is not to be considered an exhaustive or totally comprehensive list. It covers most documents people need to get a mortgage, but additional documentation may be requested or required.