Documents to Gather for Mortgage Loan Application
You have finally found your dream home, now what?
Most sellers will not accept an offer unless you are pre-approved, which means you should have a pre-approval letter from a bank or a lender that shows how much they will lend you. Getting pre-approved for a loan before making offers helps establish your price range and how much you can afford. It also shows the seller your offer is serious.
Here they are again:
Gather all of the following documents before you meet with your loan officer. Just to be safe, make sure you don't pack these as you prepare for your move since your lender may ask for additional documents during the application process.
- W2 forms from past two years
- Pay stubs for the past 1-3 months
- Personal tax returns for the past two years
- If self-employed:
Business and personal tax returns for the past two years
Year-to-date profit and loss statement
Year-to-date balance sheet
Credit Rating and History
- Credit report
- Credit score
Note: Your loan officer will pull a copy of your credit report and score. But it’s a good idea to check them ahead of time. You can get your credit score or credit reports online from sites like our partner Credit Karma.
- Credit cards
- Student loans
- Car loans
- Store lines of credit
- Other consumer debt with recurring monthly payments
- Alimony payments
- Child support payments
- Divorce decree
Names, balances, & account numbers for all:
- Documentation of down payment, such as a previous two month’s bank statements (all pages) showing account balance for checking and savings accounts
Investments and Other Assets
- Two months of statements (all pages) reflecting stocks, bonds, or other investment accounts
- Retirement account statements (401(k), IRA)
Residence History for Previous Two Years
- Name and phone number of landlord (if renting)
- Current mortgage documentation (if you own a home already)
Want more homebuying advice? Nestiny is a great place for homebuyer education and to help you gauge how ready you are to buy a home. Journey Homeward allows you to enter all of your wants and needs while the True Affordability Tool will break down your budget, showing what you can comfortably afford. You will also receive a free Ready Report that is personalized based upon the information that you entered. This report will give you a vital head start in the home buying journey, saving you valuable time and money.