Documentation for a Mortgage Application
Whether you're getting pre-approved to find out what kind of mortgage you qualify for or have signed a contract subject to getting a loan or even refinancing your existing mortgage, borrowers need to produce a number of documents that will prove to the lender that the loan can be repaid. Putting your hands on some of these things may take some time so it is a good idea to start early so you'll have them available when they're needed.
In most cases, the original document is not needed; copies will suffice. However, they will need the entire document with all the pages and supporting schedules such as in tax returns and bank statements.
Check with your lender to see if providing them digitally is acceptable; in most cases, it will be.
All Borrowers
Driver's License & Social Security card for all applicants
Employment history for last two years with addresses and contacts
Recent two years W-2 statements
Recent two years' tax returns
Complete returns & schedules
Personal and business if applicable
K1 forms if less than 25% owner
Most current pay stubs/receipts for last 30 days
Social security or disability awards letter if applicable
Proof of commissioned or bonus income
Complete bank statements for all accounts for last two months
Explanation for unusually large deposits
Quarterly statements for all IRA, 401k, CD, stocks, etc.
Copy of sales contract*
Insurance quote and agent contact information*
*If loan application is made for pre-approval purposes, these items are not required until a home has been contracted for. At this time, borrower will be required to pay for the appraisal.
Documents may be required
Previous bankruptcy requires petition for bankruptcy and discharge including supporting schedule
Divorce decree if applicable
VA loans require copy of DD214 discharge paper
Gift letters if applicable
Refinance situations
Copy of note, settlement statement and survey