Documents Needed by Your Mortgage Lender
Applying for a home mortgage loan is a stressful experience under the best of circumstances. Home mortgage loan requirements vary from lender to lender since all their qualification procedures are slightly different. The documentation discussed in this article can be considered a guide as to what you should have available when you meet with the lender. If you have done your research and have all the necessary information ready before meeting with the lender, the process will be much less taxing and will be less nerve-racking.
Bring Your Identification and Social Security Number
The first order of business is to have proper identification. This would consist of a driver's license or other photo ID with your current address listed. In addition to this you will need your social security number. Some lenders may wish to see the actual card. If you have moved recently, you may need a complete list of your residences for the last two years.
For the Employed Borrower
You will also need to provide your current employment information, with the addresses and phone numbers of all recent employers, both full time and part time for the last two years. Your job title at these positions may also be needed. Have all the W2, 1099, and 1098 forms for these jobs ready to present, if requested, as well as some current pay stubs as well.
For the Self Employed Borrower
Self employed home mortgage loan applicants will want to have their Federal Tax returns for the last two years, including all the schedules and forms. The lender may also ask to see a corporate tax return, if you have one. All these forms will need to be to be signed and dated.
Additional Documents that May Be Required
The lender may also want to see documentation of some of your financial assets like savings accounts, money markets, checking accounts and mutual funds. You will need the statements from these accounts which show the starting and ending balance with the entire month’s activity.
How Bankruptcy is Handled
Another situation which must be addressed is any bankruptcy information in your credit history. If it occurred within the last four years the lender may want to see the discharge letter as well as a complete list of the debts which were discharged. If it has been more than four years, the discharge letter may be the only requirement.
Do the Prep Work and Get the Approval
When you apply for a home loan, the lender will need to be provided with a complete picture of your current financial situation. Proper identification, employment and income information and documentation of all financial assets may be requested as part of the requirements for a home mortgage loan application. It pays to do a little research and gather together all the documents you think you may need before beginning the process.