Essential documents needed for a mortgage application
Applying for a mortgage is a very involved process, and it can help to gather all of the documents needed for your mortgage application. But which personal documents are those? Even if you've done this before, you might need a refresher on the paperwork needed for a mortgage; we're here to help. Just know, the better organized you are with your documents for mortgage applications the easier the process will be for you and your loan officer.
We understand you want a smooth and timely closing, so we’ve compiled a list of required mortgage documentation you will need to provide your mortgage professional. While the order of the list below may appear to be random, this is the order your mortgage professional will use when looking at your file.
It makes no difference in what order you submit the paperwork; it is the completeness of your paperwork that is important. If there are sections below that do not apply to you, do not concern yourself with the documents for mortgage applications listed.
Mortgage documents checklist
You should be prepared to provide the following documents multiple times during the application process. Often you'll only need to provide them once, but in the event that they're needed again, it helps to keep them all handy.
- Proof of income
- Evidence of assets
- Documentation around any other properties owned
- Miscellaneous other documents, including: contact information for your real estate agent, lawyer, inspector and others; tax documents, including W2s and tax returns for multiple years; information about past employers
Income – W2 Employee
- Most recent two pay stubs
- Most recent two years W2s
- *Most recent two years Federal Tax Returns (all pages and all schedules)
Income – Self Employed
- Most recent two years K1s
- Most recent two years Personal Federal Tax Returns (all pages and all schedules)
- Most recent two years Business Federal Tax Returns (all pages and all schedules)
Assets
- Most recent two months statements from all asset accounts. This would include: Checking, Savings, IRA, Stocks, 401k etc. Complete statements are needed; this means every numbered page even if they are blank.
Additional Properties Owned
If you own additional property be prepared to provide the following for each property:
- Copies of your most recent mortgage statements for all properties owned.
- Copies of all leases.
- Condo owners must provide the contact name and phone number for the condo management company and insurance agent holding the policy for your unit specifically.
- Single family owners must provide the name and number of your homeowners’ insurance agent.
If you are Purchasing – Miscellaneous Mortgage Documents:
- Sales contract signed by all parties. UPON RECEIPT
- Copy of cancelled earnest money check(s). UPON RECEIPT
- Contact information of your attorney.
- Contact information for your insurance agent.
- Contact information for your current landlord.
- W2 Employee: Contact information for your Human Resources Representative.
- Self Employed: Contact information for your CPA.
If you are Refinancing – Miscellaneous Mortgage Documents:
- Your current mortgage statement.
- If you have a second mortgage you will need to provide a copy of the Note (ask your loan officer if you are unsure what this looks like).
- Contact information for your insurance agent.
- W2 Employee: Contact information for your Human Resources Representative.
- Self Employed: Contact information for your CPA.
How often will I need to provide documents for mortgage applications?
Ideally, there should only be three points of contact for paperwork:
- Initial mortgage application.
- Prior to submission to the underwriter.
- Upon receipt of the loan approval.
Keep in mind, some loans have more moving parts than others (this depends on your situation) and additional mortgage documentation may be required. The list provided is quite comprehensive; your loan officer is sure to be impressed with your initiative.
Now that you have all of your mortgage documentation in order, it’s time to apply for your loan.
*W-2 employees are not required to provide personal tax returns unless commission income or automobile allowance is being used to qualify