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Mortgage Loan Checklist for Buyers

Mortgage Loan Checklist for Buyers

Applying for a mortgage is a necessary step in the home buying process, unless of course you are paying cash. Lender’s often require detailed information about you and your financial situation. It’s a good idea to gather documents before applying for a mortgage. Here is quick checklist of items you will need.

  1. Copy of your I.D.
    • Driver’s License, FRONT AND BACK
    • Social Security Card, if easily available
  2. Current Bank Account Statements (2 months of each and ALL pages)
    • Checking & Savings Statements (2 months) – ALL PAGES of the statement
    • Stocks, Funds, and Securities statements – ALL PAGES (if using any 401Ks, must have “terms and conditions of withdrawal”)
    • Money Markets and CDs accounts, if any
  3. Income / Employment
    • Pay stubs covering most recent 30 days
    • Retirement / Social Security income: award letters and 1099s
    • W-2 and/or 1099 forms (2 years for self employed)
    • Federal Tax Returns, all schedules (2 years) – please sign them (usually page 2)
    • Business Tax Returns, if self-employed (2 years) including the K-1s (don’t forget to sign them)
    • YTD Profit and Loss Statement, if self-employed
  4. Property (for all owned)
    • Mortgage Statements for 1st (and 2nd mortgage, if applicable)
    • Homeowners Insurance declaration page showing premium
    • Property Tax Bill
    • Homeowners Association Dues Statement. If none, sign a letter stating there is no required HOMEOWNER’S Dues.
  5. Special Circumstances
    • List of property you own with addreses
    • Landlord contact information – name and phone number
    • Bankruptcy papers – complete filing and discharge papers
    • Divorce or separation decree with alimony and child support information
    • DD214 for VA Loans
  6. Once Under Contract
    1. Copy of the signed contract and all exhibits and addenda
    2. Copy of the Earnest Money check and bank statement showing the check cleared your funds
    3. Bank statement showing the earnest money cleared your account
    4. Name and phone number of Attorney you will be using
    5. Insurance Agent and phone number – once you have shopped around and found one
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Robert Moul