Getting a Mortgage Loan is a complex process, and upon application, the lender shall conduct a deep dive into your financial life to ensure that you meet all of the underwriting requirements. Get organized and ready to save time and avoid stress by preparing this list of essential documents needed to make the process smoother and to improve your odds of getting approved:
1. TAX RETURNS
Mortgage lenders want to know your financial situation and ensure that your annual income is consistent with your reported earnings through pay stubs and that there aren't huge fluctuations from year to year.
Generally, they want to see 1-2 years' worth of tax returns, and you will most likely be required to sign Form 4506-T, which allows the lender to request a copy of your tax returns from the IRS.
2. PROOF OF INCOME
A verification to prove that your income is as you have stated is required by your lenders through documents, including recent paycheck stubs and your most recent W-2 form.
3. BANK STATEMENTS
Your lenders will assess your risk profile by looking at your bank statements and other assets- including checking, saving accounts, investments, and insurance.
Typically, they look at two months of recent bank statements to verify your savings and cash flow; check for unusual deposits, withdrawals, or any other activity in your accounts.
Self-employed borrowers who want to qualify based on bank statements instead of tax returns need to provide the past 12-2 months of bank statements.
4. CREDIT HISTORY
A credit report shall be pulled through verbal or written permission to assess a borrower. Lenders look at credit history to assess your relationship with loans and money in the past. It's a way of them knowing whether you're likely to pay your loan as agreed or if there's a high risk for default.
5. PROOF OF IDENTIFICATION
A valid ID is required to prove that you are who you are claiming to be.
Here's a list of the acceptable IDs
- Driver's License
- State-issued ID
- Citizenship Certificate
- Social Security Card
- Tax Payer Identification Card
- Federal-Issued ID Card
6. RENTING HISTORY
( for those who don't own a home yet)
EXISTING PROPERTY INFO
( for those who own another property)
Renting history is important, especially if you don't have an extensive credit history. Lenders will request proof that you can pay on time. If you don't own a home yet, they may ask for a year's worth of checks that your landlord has cashed, plus a documentation from your landlord showing that you paid rent on time.
Those who own another property need to provide the address, property value, status of the property, intended occupancy, whether rental, investment, or a second home, and monthly expenses related to the property. Properties with an outstanding mortgage also need to provide lender and loan details.
Please note that requirements may still vary from lender to lender. Get in touch with any of these most trusted lenders by our realtors for a list of paperwork you might need to provide based on your circumstance.
Angel Shelton | Bailey & Wood
Angie Turley | Team Turley | Fairway Independent Mortgage Corporation
Austin Smith | Fairway Mortgage Corporation
Bill Mynatt | Fairway Independent Mortgage
Celeste Meyer | GVC Mortgage
Christian Campos | The Federal Savings Bank
Jeffrey Arthur | Fairway Mortgage Corporation
Jody Bleier & Brian Brent | Bailey & Wood Financial Group
Joe Rangel | CrownMark Mortgage
Kathy Dillon | Fairway Mortgage Corporation
Kevin Walters | Walters Mortgage Team | Bailey & Wood Mortgage Lender
Mike Bentley | CrossCountry Mortgage
Mike Wood | Bailey & Wood Financial Group
Paul J East | Advisors Mortgage Group
Stacey Mayo | Ruoff Mortgage
Tony Lamonaca | Cross Country Home Loans
Zak Shobe | MJW Mortgage
Don't forget to contact our RE/MAX Advanced Realty Agents to help you throughout your home-buying process.
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