Let’s run over the basic documents you will need for your file to be fully approved.  For the majority of loan options these items are the same.

Initially you will fill out a loan application that tells the bank about you and your qualifications for getting a mortgage.  The bank wants to know about your credit history, your income, your current debt load, and the assets you have available to cover a down payment and closing costs.  The credit report is something I pull once we have the application and basic supporting documentation in the file.  I will usually discuss your credit generally but I don’t put pressure to run the credit up front as it may take time to get the file put together and I don’t want you to have to pay for more than one report. 

The supporting documentation is what we need to substantiate all the
information on the loan application.

·         We verify your income with pay stubs covering the last 30 days and W2 forms for the last two years (in the case of someone who is self employed or has rental income properties, we would also need the last two years full tax returns)

·         We need to verify your identification with a current drivers license or other official photo ID like a Green card in the case of someone who is a resident alien.

·         We verify your available assets by getting all pages of the last two statements for the accounts holding the funds.

·         For a refi, we would gather your most recent mortgage statement and proof of home owners insurance

·         For a purchase, you would need to get a quote for homeowners insurance once a property is in contract.

That’s all that is needed for 90% of all loans.  there are situations that require more paperwork, like in the case of a recent Bankruptcy or divorce, or maybe if we need to use bank statements to verify the income for someone who writes their income down too much on their taxes but for most borrowers the above list is all that is needed. It’s a good idea to start setting these items aside so you can easily forward them to me when you decide to move forward with a loan (purchase or refinance) as sometimes it can be stressful trying to track them all down after you have already found a home and the clock is ticking on your 30 day escrow timeline. 

If you have any questions about any of these or think your situation calls for more documents than the above-listed items, feel free to reach out to me with questions. It’s always good to address any expected hurdles sooner than later and it can make the process a lot easier with a little preemptive attention.