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With home prices increasing and inventory shrinking, homebuyers in the United States need every advantage available. Here are some documents you may need to gather before you meet with a lender to start the process of securing your new mortgage.
Current photo identification (driver’s license or ID card) for each borrower
Social security card
Resident alien card
Current pay stubs (one full months)
W2s/1099s (last two years) and names and addresses of each employer
Evidence of social security/retirement income (i.e. copy of check or award letter)
Federal tax returns, with all schedules/attachments (last two years)
Partnership/corporate tax returns (last 2 years)
Signed year-to-date profit and loss statement
K1s for all partnerships
Evidence of child support income (i.e. 12 months cancelled checks)
Rental agreements on all rental properties
Bank statements, all pages (last two to three months)
Money market statements (last two to three months)
401k statements
Original gift letter
Copy of transfer of gift funds to escrow or your bank account (ask us first)
Verification of donor’s ability to give gift funds (i.e. bank statement)
Copy of current mortgage Note (refinance only)
Declaration page from current hazard
Insurance policy or preferred insurance provider
Landlord addresses (last two years)
Complete divorce settlement document
Complete bankruptcy papers
Explanation of derogatory credit
APR = Annual Percentage Rate. APR is the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees.
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