By Relocation.com Staff
In order to expedite the process of applying for a mortgage as efficiently and effectively as possible, it is important to be prepared with the necessary documentations the lender will require. The following is a list of the documents you will need when applying for a mortgage (be prepared to hand these over to the lender):
- Copies of tax forms for the past two years (if you have more than two years -- all the better). Also include any attachments.
- W2 forms for each person who will be a co-borrower on the loan.
- Copies of recent pay stubs for each co-borrower.
- Copies of the three most recent statements form banks, IRA's, 401K or stock accounts.
- Copy of cancelled earnest money check. If the check has not yet been cashed, contact your bank.
- If gift money is being used to pay the down payment, a gift letter affidavit must be signed by the giver indicating that the money is a gift and does not need to be repaid. A proof must also be provided that the giver can actually afford to give the gift -- a copy of the givers most recent bank statement will be sufficient.
- If you are selling your home, a copy of the listing agreement is required. If the property is under contact, a copy of the sales contact is needed.
- Addresses and account numbers for all forms of credit you have.
- If you are self-employed, you will need to provide copies of the past two years business tax returns and a year to date profit or loss balance statement and balance sheet.
- If you have bankruptcy history, you will need to provide copies of the proceedings, schedules and a letter explaining the circumstances for the bankruptcy.
- If you have additional income from other sources you will need to provide a proof.
- A list of your addresses for the past seven years.
- An explanation of any large deposits into bank accounts over the past three months.
- If you have any judgments against you, a copy of a recorded satisfaction of the judgment is required.