As a future home buyer, it is important for you to get your documents in order so that you have everything you will need for your mortgage application. This is often an issue for buyers who are in the process of moving as they will pack things away in storage containers and forget where these important pieces of paper are when they need them.
What Documents Do You Need?
If you are buying a home, the first thing that the lender will need to see is your signed purchase agreement. This is the document where you have negotiated the price and all of the terms with the home seller. This also has the property address which is something that a lender will want to research for other parts of the mortgage process.
You will need to provide information on your residence addresses for the last 2 years as well as an employment history for at least the last 2 years. Include the dates you were employed as well as the name, address and phone number of your employer.
You should also supply your lender with your current pay stub which will verify the last 30 days of income (this may require 2 pay stubs) as well as your year-to-date income. Be sure to include any information on commissions, overtime and bonuses also.
Having your last 2 years of W-2 forms from all employers is another important part of the application process. So many individuals pack these away and forget where they are, so be sure to find them early as they can hold up your loan application.
If you are self-employed, you need to provide signed copies of your federal tax returns for the last 2 years. Keep in mind that being self-employed can present its own set of challenges when it comes to qualifying for a loan, so ask your lender about your specific situation as there is more paperwork involved.
There are other documents that may be required in your unique case depending on several factors. For instance, if a divorce is involved then you may need to provide a copy of the decree. You may be asked for bank statements for the last 2 months as well as any information on social security, pension or disability payments. As you fill out the application for a mortgage, you will also be listing out monthly payments such as rent, current mortgage, credit cards, child support, student loans and other financial obligations.
