Identification Documents
To apply for a mortgage, you’ll need to prove your identity. This means providing a valid form of government-issued ID such as a driver’s license or passport. You may also need to provide a second form of identification such as a utility bill or bank statement.
Income Documents
Your income is one of the most important factors that lenders will consider when deciding whether to approve your mortgage application. You’ll need to provide documentation that shows your income, such as:
- Pay stubs: You’ll need to provide your most recent pay stubs, which show your year-to-date earnings and deductions.
- Tax returns: You’ll need to provide your most recent tax returns, including all schedules and attachments. This will allow the lender to verify your income and any self-employment income.
- Bank statements: You’ll need to provide several months’ worth of bank statements that show your income and expenses.
- Employment verification: Your lender may need to verify your employment directly with your employer.
Debt and Asset Documents
Your lender will want to know about any outstanding debt or assets you have. This helps them determine your debt-to-income ratio and your ability to make your mortgage payments. You’ll need to provide documentation that shows your debt and assets, such as:
- Credit reports: Your lender will pull your credit reports from the three major credit bureaus to see your outstanding debts and credit history.
- Loan statements: You’ll need to provide statements for any outstanding loans such as car loans, student loans, or credit card debts.
- Asset statements: You’ll need to provide statements for any assets such as savings accounts, retirement accounts, or investment accounts.
Property Documents
If you’ve already found a property you want to purchase, your lender will need some additional documentation related to the property, such as:
- Purchase agreement: You’ll need to provide a copy of the purchase agreement that shows the purchase price, closing date, and any contingencies.
- Property appraisal: Your lender will need to order an appraisal of the property to determine its value.
- Homeowner’s insurance: You’ll need to provide proof of homeowner’s insurance, which is required by most lenders.
