Mortgage Loan Application Requirements

When applying for a mortgage or a pre-approval letter, here are some tips on some of the items that you will be required to provide to the lending institution. These are basic guidelines, be sure to check with your lender for more details.

EVERYONE SHOULD BRING:

1. A copy of your purchase contract for the property you are buying. (This would not be needed to apply for a pre-approval letter.)
2. Your checkbook, as up front fees are normally collected.
3. Complete mailing address and account numbers for all outstanding mortgage loans, credit card debts, auto loans, etc. Indicate monthly payments and balances owed.
4. Copies of the most recently received bank statements (last 3 months) for all checking, saving accounts, or broker statements (for mutual funds, stocks, etc.)
5. Name, address, and phone numbers of your landlord(s) in the last 112 months.
6. Final Divorce Decree including settlement agreements(s), if applicable.
7. Bankruptcy Discharge and list of creditors, if applicable.

IN ADDITION...

If you ARE NOT self-employed or commissioned:

1. Copies of your most recent pay stubs covering a 30 day period of both borrower and co-borrower.
2. W-2 for both borrower and co-borrower for the past 2 years.

If you ARE self-employed or commissioned:

1. COMPLETE COPIES of the last 2 years 1040 personal tax returns with all schedules.
2. Last 2 years of W-2's or 1099's.
3. COMPLETE COPIES of the last 2 years Business Tax Returns, IF A Corporate or Partnership. A recent financial statement on the business, if available at this time.
4. A Profit and Loss Statement and Balance Sheet, current within 90 days, will be required prior to approval.

IF YOU HAVE SOCIAL SECURITY OR RETIREMENT INCOME:

1. Provide proof of Social Security income with a copy of the Award Letter and a copy of a recent check or a copy of the bank statements showing direct deposits.
2. Provide proof of Retirement/Pension income with a copy of the benefits letter, copy of check, tax returns, and/or W-2's or 1099R forms.