The Home Loan Application Process – Mortgage Application Checklist
When you apply for a home loan you will need to provide a number of documents. These documents verify a number of facts about your life, from your income to your debts and beyond. This checklist provide as a reference you should take when applying for a home mortgage loan.
Employment History
- Recent pay stub for at least last 30 days
- Employment history for the last two years and complete addresses
- Employment dates
- W-2’s for the last two years
- Tax returns for the last two years, with all schedules
- If there are any gaps in employment in the last two years, you need to provide explanation letter
- If you are self-employed, you will need to provide a current balance sheet, and a year-to-date profit and loss statement
Also read: How lenders determine how much mortgage you qualify for when applying for mortgage?
Residence History
- Two years of most recent residences with complete addresses
- Length of time at each residence
- Landlords name and complete address, if applicable
Financial History
- At least three months bank statements for all accounts
- All current balances and values. If you are making the down payment yourself you will need to show where that money came from and have proof the money was not borrowed
- Gift letter for the down payment. If your lender allows you to use a gift as your down payment, you may be asked to provide proof of the origin of the gift and of the fact that it is indeed a gift and not a loan
- Loans and Credit Cards. Current balances owed and monthly payments and number of payments remaining
You might be interested: What credit score is needed to buy a house in Arizona?
Asset Lists
- Property addresses with estimated market value, outstanding balances and monthly payment amounts
- Two months’ statements for investment and retirement accounts
Proof of Additional Income
- Rental income with copies of the lease agreement
- Divorce decree and settlement paperwork for child or spousal support expenses (if applicable)
For VA loans
- Certificate of eligibility
- DD214
Keep in mind that this loan documents checklist is not exhaustive. Depending on your personal situation and your lender, you may be asked to produce more or less documents than those that appear above. Any time your lender requests documents, try to respond quickly and produce all of the requested documents. If you fail to do so, you will slow down the application and approval process.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.
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