The concept of a mortgage is quite simple. It’s basically a loan for a home wherein the property itself is used as collateral.
Securing a mortgage, however, can be complex. The process may can be as quick as 30 days. However, most loan approvals take between 45-60 days. To be prepared for making your mortgage application, here are a few items that you may want to gather for when you are ready to make your mortgage application.
- Most recent 30 days of paystubs
- Last two years W2's for all jobs; unemployment statements; Form 1099s
- Letter of explanation if you changed employers during mortgage application process
- Last two year's complete federal income tax returns including all schedules signed & dated
- 1099 and related schedules
- If self-employed, furnish a letter from stating she/he does your taxes and include a year-to-date Profit & Loss Sheet.
- Most recent two months bank statements with ALL pages (even if blank) for both Checking and Savings accounts.
- 2 Months of Stocks/Bonds/IRA/401K Investment Statements with ALL Pages (even if blank)
- Gift Money - If you are getting a gift (family member only), You will need a gift letter (which can be provided by your lender) from the donor. You will also need to provide a copy of the deposit slip and proof of the deposit going into your account. Once cleared, you will need to provide a copy of the front & back of the gift check with an updated account statement
- Copy of the front & back of your cancelled hand-money check once it clears your bank
- Name & Phone number of your current employer for verbal verification of employment
- Copy of current photo ID for all parties on the sales agreement (Driver's License or Passport)
- Payment for Appraisal/Credit Card Information to be submitted to your lender when you make mortgage application. Your appraisal for your new home will be ordered by your lender.
Your lender may require additional and/or different information from you, but these are an example of what could be requested. Once you apply for your mortgage, your lender will provided you with a checklist of items they require.