Here is a list of requirements needed when applying for a mortgage loan.
When applying for a mortgage loan, lenders usually request various documents for assessment before approving your application. Here is a list of the documents that you generally need to provide:
1. W-2 tax returns or business tax returns. You should always expect to provide documentation of your long-term income, regardless of whether you are traditionally or self-employed.
2. Pay stub. For each person signing the loan, include at least one pay stub. Pay stubs offer insight into your current income and employment status for additional verification.
3. Credit card information. You need to provide the account numbers for all your credit cards, along with the amounts of any outstanding balances.
4. Bank and credit union statements. Submit four months’ worth of statements for both your checking and savings accounts.
5. Loan details. Include loan numbers and amounts owed on installment loans like student loans and car loans.
6. Residential history. Provide the address where you’ve lived for the past 5 to 7 years, along with the names of landlords.
7. Brokerage account statements. If applicable, submit brokerage account statements for the past two to four months, as well as a list of any other major assets of value, such as a boat or RV, and stocks or bonds not held in a brokerage account.
8. Retirement account statements. Include your most recent 401(k) or other retirement account statements.
9. Documentation to verify additional income, such as child support or pension.
As always, if you have any questions about the homebuying process, please call, text, or email us today, and we will be happy to assist you.
