Mortgage Application Checklist

All lenders are required to verify your income and financial information before giving you a mortgage loan. This checklist will provide you with the types of information you should prepare prior to your loan application appointment:

Identification:

  • Current photo identification (driver’s license or ID card) for each borrower
  • Resident alien card (if you are not a citizen)
  • Social Security numbers or individual taxpayer identification numbers for all borrowers

Income:

  • Current pay stubs verifying 30 days of income and year-to-date income (including any overtime, commission or bonus income)
  • W2s/1099s (last two years) and names and addresses of each employer
  • 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)
  • Evidence of social security/retirement income (i.e. copy of check or award letter)
  • Rental agreements on all rental properties

Assets:

  • Current names, account numbers, and balances of checking, savings, money market, retirement, and credit card accounts
  • Bank statements, all pages (last two to three months)
  • Money market statements (last two to three months)
  • 401k statements
  • Original gift letter – if you are using gifts from parents, relatives or organizations to help cover the down payment or closing costs
  • 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

Credit:

  • Home addresses (last two years)
  • Complete divorce settlement documents
  • Complete bankruptcy papers
  • Explanation of derogatory credit
  • Information on other consumer debts, such as: credit cards, car loans, furniture loans, student loans, and department store credit cards.

Purchase Transaction

  • Signed Purchase Agreement

These documents will help your lender compare your debt payments against the income and assets you have to pay off the debt. Without this information, lenders cannot make a proper assessment of affordability.