What kind of paperwork will the bank need when I apply for a loan?
There is a lot of paperwork you will need to gather in order to secure a mortgage. Lenders
need to have proof of your assets, your income, the quality of your credit and other important
financial information.You can save time by gathering the documents you will need in advance of
visiting the lender.
Usually you will need the following information to apply for a mortgage:
- The last one or two years of federal tax returns and W-2 forms.
- A recent pay stub showing your name, social security number, name and address of your
employer, your year-to-date earnings and base salary.
- Proof of other income, such as a second job, overtime, commissions or bonuses, rental
income, child support, alimony, social security or other benefit disbursements.
- A list of all of your creditors, including credit cards, student loans, auto loans,
child support and alimony. You will need the account numbers, names and addresses, minimum
monthly payment amounts and total balances. Oftentimes this information is obtained through
a credit report check.
- Investment records, such as mutual fund statements, real estate and auto licenses, stock
certificates and other investment or asset documentation.
- Canceled checks showing mortgage or rent payments for the last year.
- Home sales contract that includes the purchase price, property description and closing date.
Not all lenders will require all of the above paperwork and some may require more. Borrowers
with very strong credit scores may not need to provide any of it. But by having it ready, you will
save valuable time during the application process.
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