The first step in considering any home purchase or refinance should always be speaking to a licensed loan officer about getting pre-approved.  It is important to have all of your information ready so you do not delay the process. Once you get the good news, comes the fun part, finding out how much your refinance will save you each month or finding the dream home for you and your family.

One of the best ways you can prepare during this time is to get all the documentation together for your loan officer.  Many of these documents will be required before making the formal application, but getting these to your loan officer early can be extremely beneficial as well.  Not only will this save you the inconvenience of trying to gather everything last second, this will allow your loan officer to ensure that you are accurately qualified up front.

Here is a list of items you should gather to prepare for your next home loan:

Tax Returns

Federal Tax Returns for a Mortgage Application

What are Tax Returns?

Tax returns are the year end tax reports filed with the IRS. You will need to provide the most recent two years of complete federal tax returns for all borrowers applying for the loan. (IRS form 1040 and all attached schedules and business tax returns if applicable)

Where can I find my Tax Returns to apply for a mortgage?

While most clients keep these saved on their computer or their own personal files, if one is not immediately available, speak to your tax preparer about obtaining new copies. If this is not an option either, copies of tax transcripts can be obtained from the IRS (This may take several weeks).

W2 Statements and 1099 Statements

W2 statements are required to apply for a mortgage.

You will need to provide the most recent two years of W2 statements and 1099 statements for all borrowers applying for the mortgage. These are the income statements mailed to you by your employers at the end of the year.

While most clients keep these saved on their computer or their own personal files, if one is not immediately available, replacement copies can often be obtained from the employer’s HR director or Management Staff.

Paystubs

What are Paystubs?

Paystubs are the record receipt attached to a physical paycheck that summarizes your pay and withholdings. You will need to provide the most recent 30 days of paystubs (All current employers for all clients on the loan).

Ideally a paystub should include:

  • Employee Information
  • Employer Name and Address
  • Rate of Pay
  • Year-to-Date Income
  • Pay period (dates)
  • Tax and other Withholdings

Where can I get copies of my paystubs when applying for a mortgage?

Most companies provide these to their employees with each paycheck or direct deposit. Many employers will also provide their employees with online access to view printable copies of their paystubs. If one is not immediately available, replacement copies can often be obtained from the employer’s HR director or Management Staff.

Bank Statements

Bank statements may be required to buy a home.

Image Attribution to: Sergio Ortega

What are bank statements?

Bank statements are the monthly statements provided by your bank or credit union that summarizes all transactions during that period of time. Underwriting guidelines require that the source of all money used towards the purchase or refinance is verified. It is important that you provide documentation for any large deposits.

Often, only standard checking / savings statements are required. Sometimes, CDs, Stocks, Bonds, Retirement account, etc. may also be used to help qualify for the loan.

Where can I find my Bank Statements to apply for a home loan?

Bank statements are often most easily obtained directly from the bank’s website which can be downloaded as a PDF document (eStatement). Bank statements can also be requested directly from a local bank branch. Be sure that it covers the entire period and shows your identifying information.

Identification Documentation

To apply for a mortgage you will need to provide documentation to confirm your identity such as drivers licenses and social security cards. Alternate documentation may be accepted. For non-citizens you may need to provide your Visa or Green Card.

Other Required Items to Apply for a Mortgage

When applying for a mortgage there may be other required items that you will need to provide to your bank or lender. Also throughout the process of the loan, the underwriter may have additional questions which requires more information.

Here is a short list of other items that may be applicable to your situations and required to get a home loan:

  • Driver’s License and Social Security Card (Must be valid)
  • Most Recent Mortgage Statement (Refinances, or when clients own other properties)
  • Divorce Decree (If applicable / Requested)
  • Bankruptcy / Foreclosure Paperwork (If applicable / Requested)
  • Purchase Agreement (Must be fully executed by both the Buyer and Seller)
  • Student Loan Documentation
  • Homeowner’s Insurance Policy (Statement / Quote)

For more information on the required documentation to apply for a mortgage please speak with a loan officer by calling 1-800-555-2098 or request information below.

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