Application Checklist

A question that I am frequently is “What documents do I need to apply for a mortgage?”   While it is not a comprehensive list, it is a good staring point and will show your lender that you are serious, prepared and thus you will get better service from your lender!

The following is a list of those items you may need to have available in order to apply online or over the phone.
Download a Printer Friendly Version Here  Application Checklist Here.

Borrower Information

• Address and telephone numbers of each borrower
• Previous address if less than two years at current address
• Social Security number of applicant(s)
• Value of assets including cars, stocks, and real estate
• If renting; Name, Address and Phone number for Landlord.

Employment/Income

• Name, address and telephone of your  employer(s) for the past two years
• Pay stub(s) for the last 30 days showing year-to-date and current period earnings. If you have additional income, you may need documentation for accuracy
• W2 earning statements for the most recent two tax years
• 1040 IRS Tax Forms for the most recent two tax years

Bank Accounts / Investments

• Checking and savings account statements for the past two or three months
• Most recent brokerage account statement for the past three months, or copies of stock certificates and/or savings bonds
• Copy of current thrift plan or retirement benefits statement (including IRAs and Keoghs) and the terms under which it may be withdrawn
• Be prepared to address and document the source of any unusual deposits

Creditors

• Credit Cards, loans, and current mortgages:
• Name and address of creditor, account number, monthly payment, and outstanding balance.

Purchases

• Copy of the sales contract and all addenda

Fees

• Please have a credit card or check ready for the application fee. This fee will be applied toward the processing of your loan application. The amount of this fee and whether or not it is charged varies by region. Most lenders charge anywhere from $10 – $50 for the reports depending on the number of applicants. THIS IS THE ONLY FEE THAT MAY BE COLLECTED PRIOR TO THREE DAYS AFTER THE GOOD FAITH ESTIMATE AND TRUTH IN LENDING DISCLOSURE IS ISSUED!

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