Home buyers are often clueless about the types of documents that are neccessary for lenders to have when they apply for a mortgage. Listed below is a checklist for those that are first-time home buyers or for those who just simply need a reminder to stay ahead of the game.
Lenders Checklist: What you need for a Mortgage
(You should contact your lender to get more specific instructions.
- W-2 forms- or business tax return forms if your self-employed-for the last two or three years for every person signing the loan.
- Copies of one pay stub for each person signing the loan.
- Account numbers of all your credit cards and the amounts for any outstanding balances
- Copies of two to four months of bank or credit union statements for both checking and savings accounts.
- Lender, loan number, and the amount owed on other installment loans, such as student loans and car loans
- Addresses where you lived for the last five to seven years, with the names of the landlords if appropriate.
- Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as boat, RV, or stocks or bonds not held in a brokerage account.
- Copies of your most recent 401(k) or othe retirement account statement
- Documentation to verify additional income such as child support of pension.
I hope this list can help you with your home buying process. Being prepared ahead of time can make a huge difference in how smoothly your home buying transaction goes.