Documents The Mortgage Lender Will Want From You


Mortgage lenders require paperwork that verifies every facet of your financial life: income, debts, assets and more.

The lender will request the following documents, so gather them before you apply for a mortgage.

Checklist

  • W-2 forms from the previous two years, if you collect a paycheck.
  • Profit and loss statements or 1099 forms, if you own a business.
  • Recent paycheck stubs.
  • Most recent federal tax return, and possibly the last two tax returns.
  • A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances.
  • List of assets, including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements and records of other investments or assets.
  • Canceled checks for your rent or mortgage payments. 

About the W-2s

Guidelines typically require the most recent Form W-2 wage and tax statement, but some borrowers are asked for two years of W-2s.

"If your loan hasn't closed by the time that new W-2s should be received by the employees, then (the lender) may ask for that, certainly," says Julie Miller, a residential mortgage planner for Broadview Mortgage Corp. in Tustin, California. Read more...

 


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16 Dec 2017


By Holden Lewis
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