Mortgage Application Checklist – Information Needed For Your Mortgage Application

Following a mortgage application checklist along with getting a mortgage is a tedious process. Your lender wants to know a lot about you to make sure that they are lending money to someone who can and will pay them back.
Your loan officer and mortgage company will require a lot of documents from you. If you are an organized person and have a filing system for your financial documents then you shouldn’t have much problem with your mortgage application. Below is’s mortgage application checklist. This checklist will help you get ready to speak to a loan officer about a mortgage.

Home Loan Application Checklist

Employment and Income Documentation

Provide your last 30 days worth of pay stubs. Provide W-2’s for the past two years

If self-employed or commissioned, provide all pages and schedules of last two years personal tax returns

If self employed, provide all pages and schedules of last two years business tax returns and corporate K-1’s

If retired, provide benefit award letter, last two years 1099’s, and all pages and schedules of last two years tax returns

If any rental income is received, provide copy of current lease agreement

If VA and active duty personnel, copy of Statement of Service Letter and Off Base Housing Authority Letter

Proof of Assets Information

Provide ALL pages of most recent 2 months statements for all accounts; including all checking, savings, stocks, IRA, 401k, etc.

If funds to close will come from a gift, complete the gift letter and the following:
a. from the donor – bank statements showing the funds in the donor’s account and a copy of the check from the donor’s account
b. from the borrower – a copy of the deposit slip showing the gift check deposited into your account

If funds to close will come from sale of home, copy of Hud-1 from sale of home and deposit slip showing proceeds deposited into bank account

Additional Documentation

Copy of driver’s license and social security card

Copy of divorce decree

If applicable, a full copy of bankruptcy papers, including all schedules and discharge, they will also want a credit explanation letter explaining why you had your bankruptcy and that the problem has cleared up

If you are a Veteral, or a spouse of a deceased Vet you need a Certificate of Eligibility or copy of your DD214

Hazard Insurance Agent’s name, address, and phone number

If refinance, copy of note and mortgage coupon

With these items in front of you when you speak to a loan officer will help speed up the mortgage application process. To get serious with a loan officer or mortgage company you will need to let them pull your credit. Typically this costs around $20. Some mortgage lenders may also require you to pay for your appraisal up front too. Most of the time, however, this is disguised as an application fee. These fees can run around $350. Make sure you know what you are getting if you are asked to pay this fee. Read about the New Good Faith Estimate for 2010.