Preparing to Apply For a Mortgage
You’ve found a new home and now you’re ready to apply for a mortgage. Or, you’ve decided to stay where you are and refinance. It’s perfectly natural to be a little apprehensive about the mortgage application process, especially if you are a first-time home buyer.
Rest assured, your loan officer at Maple Tree Funding will help make applying for a mortgage or refinancing your home as stress-free as possible. Listed below are the types of documents you will generally need when applying for your loan. It can vary depending on the lender, but this should give you a good sense of the documentation you will need.
Documents You’ll Need to Apply for a Mortgage
- Social Security numbers, or individual taxpayer identification numbers for all borrowers.
- Home addresses for at least the past two years.
- Your most recent paystubs covering at least 30 days of income
- Your most recent W-2s (two years) , or if self-employed, 1099s or K1s (two years)
- Your most recent Federal Tax Returns (two years), including all pages and all schedules. Note: if you are self-employed, you may need to provide both your personal and business tax returns.
- Two to three-months of statements for each of your accounts: Checking, savings, IRA, 401K, credit cards, etc.
- Information on other consumer debt accounts such as car loans or leases and student loans
- Social Security award letter or pension award letter, if applicable
- Year-to-date profit and loss statements and/or balance sheets, if self-employed
- Gift letter if you are using money from parents or relatives (for example) to help cover down payment or closing costs
- Landlords name, address & phone number, if you rent
- May also need to show rent/utility payments to document payment history if needed
Depending on the type of home loan you are applying for, and your individual circumstances, you may also need:
- Proof of identification via a Photo ID (Drivers license, Passport, etc.)
- Copies of your Social Security Card(s)
- Documentation of child support, if you wish to show it as income, and a copy of the divorce settlement
- Copy of your most recent monthly statements for any mortgages, home equity loans or lines of credit you may have on existing properties (if refinancing or purchasing additional property)
- A copy of the signed purchase and sales agreement
- Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
- Explanations for items that might appear on your credit report such as late payments, collections or credit inquiries that were generated in the last 90 days
Be Prepared When You Apply for a Mortgage
Don’t let this list scare you! It’s designed to give you a general sense of the types of things you may need to apply for a mortgage. Chances are you have many of them on hand or easily accessible already! Plus, this list will enable you to gather what you need for the mortgage application process ahead of time, so things can move along smoothly when you are ready to move forward with pursuing a home loan.
Interested in learning more about preparing to apply for a home loan? Contact the experienced mortgage professionals at Maple Tree Funding today! Our team would be happy to answer any questions you may have on the application process.
Give us a call at 518-782-1202 or complete our easy online contact form to get started!