What You NEED To Gather For Your Mortgage

This channel is all about practical money tips, regardless of whether or not you are in the market for a home. That being said, I get asked a LOT of questions specifically about mortgages. It makes sense- I am a residential loan officer, and have been for almost 20 years! So for this video, instead of my usual money tips, I want to give you some practical tips about what kind of paperwork is required when you apply for a mortgage. Sometimes the process of applying for a mortgage can seem daunting, but if you’re prepared in advance, it’s SO much easier. 

So how do you prepare? Simple- start gathering documents! Your Loan Officer is most likely going to ask you for these when you start the process!

 

Financial Documents to gather:

• 30 Days of Paystubs
• 2 Most Recent W-2s
• 2 Months Recent Bank Statements
• Retirement Account Statements

 

If you are Self Employed, you’ll want to gather:

• Most Recent 2 Years of Personal Tax Returns (plus all schedules)
• Most Recent 2 Years of Business Tax Returns (plus all schedules) 
• Latest P&L (Profit & Loss) Statement 

 

Personal Documents to gather:

• Driver’s License 
• Social Security Card

 

Obviously every person has circumstances that are personal to them, so in some cases the following documents will be requested: 

Miscellaneous Documents in some cases:

• Military Service Documentation
• Retirement/Pension Letters
• Gift Fund Letters
• Divorce Decrees

 

Don’t be intimidated!! I know this may seem like a lot, but I promise, it’s not all that bad. And technology is moving faster and faster every day and is making some of this easier for people. There’s a service called “The Work Number” by Equifax that actually allows us to gather a lot of these documents electronically from your employer. Not every employer subscribes to this service, but it’s worth checking with your HR department to see before you go about collecting paperwork!

If you have any questions about this, me and my team are always here to help! We have more info on the loan process, and you can even get a free mortgage quote on our website!!