Applying for a mortgage can feel overwhelming, but we’re here to help make the process easier. We’ve created a handy checklist to guide you through what you need to gather, complete, and understand before you apply.
Applying for a mortgage requires gathering various documents. Every situation is unique, so you might need to provide additional paperwork. If asked for more information, respond promptly to speed up the process.
Your Property
- Sales Contract: Copy of signed sales contract, including all riders.
- Deposit Verification: Proof of the deposit placed on the home.
- Contact Information: Names, addresses, and phone numbers of all realtors, builders, insurance agents, and attorneys involved.
- Property Details: Copy of the listing sheet and legal description (if available). For condominiums, provide the declaration, by-laws, and most recent budget.
Your Income
- Pay Stubs: Copies of pay stubs for the most recent 30-day period and year-to-date.
- W-2 Forms: Copies of W-2 forms for the past two years.
- Employment History: Names and addresses of all employers for the last two years, plus a letter explaining any employment gaps.
- Work Visa/Green Card: Copy (front and back) if applicable.
For Self-Employed or Variable Income:
- Tax Returns: Full tax returns for the last two years plus year-to-date Profit and Loss statement (include all schedules and statements).
- K-1s: For all partnerships and S-Corporations for the last two years.
- Business Tax Returns: Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) for the last two years (if ownership is 25% or greater).
For Alimony or Child Support Income:
- Court Order: Divorce decree or court order stating the amount, plus proof of receipt of funds for the last year.
For Social Security, Disability, or VA Benefits:
- Award Letter: Provide the award letter from the relevant agency or organization.
Source of Funds and Down Payment
- Home Sale: Signed sales contract for your current home and listing agreement if unsold. Provide the settlement/Closing Statement at closing.
- Bank Statements: Copies of statements for savings, checking, or money market funds for the last three months.
- Investments: Copies of statements from your broker or certificates for stocks and bonds.
- Gifts: If part of your down payment, provide a Gift Affidavit and proof of receipt of funds.
Debt or Obligations
- Current Debts: List of names, addresses, account numbers, balances, and monthly payments for all debts with copies of the last three monthly statements.
- Mortgage Holders/Landlords: Contact information, account numbers, balances, and monthly payments for the last two years.
- Alimony/Child Support Payments: Marital settlement or court order stating the terms of the obligation.
- Application Fee: Check to cover application fees.
By gathering these documents, you can ensure a smoother and faster mortgage application process.