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Your Mortgage Application Checklist

1-minute read
January 22, 2021

If you plan to purchase a home soon, acquiring your financial documents will be a big part of the process. Lenders need to account for your assets, credit history, and debt-to-income ratio to assess your ability to repay the loan. Having these personal and financial documents organized helps mortgage lenders make quick, sound decisions that lead to smooth closings.

If you’re self-employed, have multiple streams of income, or just want an expert to guide you every step of the way, partnering with a local mortgage broker could is a  great option. Different situations may require various documentation, and a mortgage broker can leverage their knowledge of lenders to make sure your application is complete.

Use this mortgage application checklist to be prepared for the paperwork you need to apply for a new home or refinance:

  1. Pay stubs: Whether you're paid once a week or once a month, collect all of your pay stubs for at least the last month from the time you submit your application.
  2. W-2s: Find your employer-generated w-2 form for the past two years. They are required for your tax return, so look there first or ask your tax preparer for copies.
  3. Tax returns: If you are self-employed, or paid commissions or bonuses, make sure you have copies of your most recent two years of signed tax returns.
  4. Bank and investment statements: Gather three months' worth of all of your accounts, including checking, savings and any investment accounts (cd, 401k, ira, etc.). Together, these documents must show you're able to afford your down payment and several mortgage payments. If your statements show any large deposits or withdrawals, be prepared to provide a detailed letter with an explanation.
  5. Home purchase agreement: This shows the lender that you found a home you intend on buying. You'll need to present this contract before finalizing your loan.

Remember, as mortgage industry technology improves, your lender may be able to get some of the required paperwork electronically. Be sure to ask your mortgage broker what can be done online before you spend time gathering papers, emails, and forms.

For more information on the mortgage loan checklist and what documents you need to start the process, find a local mortgage broker near you.