Documents Required for Mortgage Applications

Mortgages are for significant amounts of money. It only makes sense that lenders will want to know everything about you and your finances to determine your risk level and qualification. To help you prepare for this process, below is a list of documents required for mortgage applications.

Income Verification & History

Lenders review your current and past income. This will give them a sense of how likely you are to continue making the same amount of money in the future. Typically, they will ask for 2 recent pay stubs and W-2 forms for the last 2 years. 

Tax Returns & Transcripts

Lenders ask for 2 years' worth of tax returns as part of the many documents required for mortgage applications. They also request a tax transcript directly from the IRS. The tax returns give them a good overall picture of your financial condition. The tax transcripts verify that the information you have given them is correct. It also confirms that you do no owe any back taxes.

Documentation of Assets

Another set of documentation required for mortgage applications relates to your assets. This includes 401k, Roth IRA, brokerage, checking, savings, and any other accounts that you may have. Be prepared to provide the two most recent statements for each. This verifies the source of funds for your down payment. Thus, any unusual activity (such as large deposits) will likely be scrutinized by the mortgage underwriter. It also gives lenders a peek into your ability to save. Having a rainy day fund will protect you against fluctuations in income and increase the likelihood that you can continue to pay your mortgage.

Other Documents Required for Applications

The above are the most common documents requested by lenders as part of the mortgage approval process. Depending on your circumstances, there may be many others. For instance, if you own investment properties, they may request financial statements to verify that income. If you are an independent contractor, they may need more information on the sources of income and past income history. If you have large deposits in your account, they may seek an explanation on the source of those funds. The list of documents requested truly depends on your personal circumstances. It's important not to be offended and to provide information as quickly as possible so as not to delay the mortgage review and approval process. 


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