Preparing To Apply For A Mortgage

Below you will find an itemized list of all of the information typically needed to process a mortgage. In order to start the application process a "loan application" (form 1003) is completed with information you provide verbally to a loan officer. The loan application information includes your current and previous address (if you haven't been in your home for at least two years), your current and previous employer (if you haven't been with the same employer for at least two years) and your credit and asset information.

This list attempts to cover all of the information that may be needed. The loan type and your particular credit situation will eventually determine exactly what documentation you will need to supply.

Borrowers with higher credit scores may be eligible for certain income verification waivers, e.g. you may only be required to provide one pay stub or may qualify for what is known as a "streamlined mortgage acceptance".

There are also loan programs which offer a discount on the interest rates for borrowers with exceptional credit. Ask us to see if you qualify.

Borrower and co-borrower information

Your photo Identification
Your social Security Number
Your home address for the last 2 years
The Name, address and phone number of your landlords over the past 2 years

Borrower and co-borrower employment information

The name, address and phone numbers of your employers over the past 2 years
Your academic transcripts or diploma if you have been a student

Borrower and co-borrower proof of income

If you are paid by salary or are an hourly employee

Your most recent pay stubs showing the last 30 days of pay
Your W-2 and 1099 forms for the past 2 years

If you are self-employed

Your current profit & loss statement
Your past 2 years income tax returns including all schedules

If you own a corporation

The last 2 years business income tax returns
Evidence of your quarterly income tax payments

If you are part of a partnership

The last 2 years partnership income tax returns
Your past 2 years income tax returns including all schedules
Your current Profit and Loss statements

Proof of other income

Proof of rental income

Any current lease agreements
Your past 2 years income tax returns including all schedules

Proof of interest, dividend, bonuses of commissions

Your past 2 years income tax returns including all schedules

Proof of notes receivable

A copy of the notes
Your past 2 years income tax returns including all schedules

Proof of social security or pensions

Your award letter
Your W-2 and 1099 forms for the past 2 years
Proof of recent receipt of payment (either check stubs or your current bank statement)

Proof of child support, alimony or maintenance

Last 1 years cancelled checks or proof of receipt

Proof of borrower and co-borrower assets

Your current statements for the past 3 months for any financial institution where you have funds on deposit including IRA's and 401K's.
The Estimated value of your personal property including automobiles and real estate owned
Copies of cancelled checks for any monies earned other than from your primary employer
A gift money affidavit if applicable
A copy of cancelled gift money check if applicable
Proof of deposit of gift funds (e.g. a stamped deposit slip)

Proof of borrower and co-borrower liabilities

The names and account numbers for all creditors including revolving credit, installment loans, car loans, credit cards and student loans
The lender name, address and account number for any current mortgages including your current residence and any rental properties you may own
Your monthly child care expenses
Any child support, alimony or maintenance payment information

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