The Mortgage Loan Process – Required Documentation
Posted by: Greg Fischer Post date: October 1st, 2009In the very beginning, all mortgage loan applications start out with the same vital information. Decisions are based on the review of a borrower’s credit and debt, income, assets and the property. When applying for a mortgage, you should be prepared to provide the following documentation:
2 recent paystubs
2 years taxes (all schedules) with W2′s
2 recent bank statements (all pages) from all accounts
1 statement from a 401K/IRA/other investment accounts
Bankruptcy discharge or divorce decree if applicable
Anything else detailing income, assets or credit issues
Photo ID
If you’re applying for a refinance loan, you should also have:
a recent mortgage statement
tax and insurance bills
a copy of your current Mortgage and Note
While not all mortgage applications require all of these documents, knowing up front what might be asked for will speed the approval process.
