Loan Documents

Documents needed for loan application

When you apply for a mortgage, lenders need to carefully evaluate your mortgage application and a number of other documents to assess the degree of risk involved. In order to make risk determination, they need to know details about your finance. They will probably ask more information than you will feel comfortable with.

This is a list of documents lenders may require in order to process your mortgage application.

Your personal profile

Your name, Social Security number, and date of birth
Your addresses for the past 2 years of residence
If you own a home: bring current market value and current mortgage information
If you're renting: name and address of the landlord and current monthly rent, previous address/landlords if you've lived in your current address for less than two years.

Your Employment and income

Your employer, how long you’ve been employed, your employment history of past 2 years
Earnings statements: W-2 forms, recent pay stubs, tax returns for the past two years
If you are self-employed: profit and loss statements, tax returns for current year and previous two years
Proof of additional income: social security, overtime bonus, commission, interest income, veteran's benefits, alimony or child support (if any), and so on.

Your reserves and 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, mutual fund, Individual Retirement Accounts (IRAs), or other investments and their approximate market values
Value of all assets you currently have including cash, furniture, cars, and insurance policies

Your debts and recurring obligations

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
All other expenses, including utilities and even phone

You may be asked to show proof of your minimum monthly payments and total balances, too.

Home sales contract

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.
The legal description of the property

Others

Source of your down payment: If money for down payment is a gift from a relative, bring a copy of gift letter and copy of gift check. The gift letter should state that the money will not have to be repaid.
If you are separated or divorced, you should bring a copy of your divorce decree and separation agreement.
Credit problems: Any problems you may have had with foreclosures, bankruptcies, repossessions, and late payments.

Different lenders may have slightly different information requirements and not all lenders and loan programs will require all of this documentation. Today, a thee-part credit report tends to paint a complete financial picture and borrowers with very strong credit scores may need to provide little of documentation. However, having these items on hand when you visit the lender will help speed up the application process.