Loan Application
Checklist
This is a list of documents
required in order to process your mortgage application.
Verification of
income
- Earnings statements: W-2 forms, recent pay stubs and
tax returns for the past two years;
- If you are self-employed: profit and loss statements
and tax returns for current year and previous two years;
- Additional income: social security, overtime bonus,
commission, interest income, veteran's benefits and so on.
Verification of
your assets
- List of bank account numbers, the address of your bank
branch, checking and savings account statements for the previous 2-3
months;
- List of savings bonds, stocks or investments and their
approximate market values;
- Copies of titles to any motor vehicles that are paid in
full.
Information about
the purchase
- Copy of the ratified purchase contract;
- If you made a deposit to the seller to show that you
are serious about buying the house, bring a copy of canceled deposit check
on house.
Your debts
- Credit card bills for the past few billing periods;
- Other consumer debt such as car loans, furniture loans,
student loans and other personal and cosigned installment loans with
creditor addresses and phone numbers;
- Evidence of mortgage and/or rental payments;
- Copies of alimony or child support.
If you have no established
credit history, supply the lender with canceled checks for rent, utilities and
other recurring obligations to show payment history and amount of revolving
debt.
Lenders may also ask you
about the origin of your downpayment. If money for downpayment is a gift from a relative, bring to the
interview a copy of gift letter and copy of gift check. The gift letter states
that the money will not have to be repaid.
Having these items on hand
when you visit the lender will help speed up the application process.