What Documents Do You Need To Gather To Get A Mortgage

Dated: 05/09/2016

Views: 246

mortgage-

What documents do you need to get a mortgage?

Want to go from being a renter to being an owner. With a little planning, some savings you can do it.

As  a Bellingham Real Estate Agent people often ask me questions about mortgages. I usually answer their basic questions but refer them to a mortgage professional or lender for more details.

The best plan to buy a home is to get pre-approved by a lender before you start looking. No need to fall in love with that $300,000 house only to find out you only qualify for $275,000. In order to get that pre-approval, you'll need to gather some documents. These days some of these documents can even be gathered and verified electronically by you or on your behalf by your lender with your permission of course.

  • If you are a renter you will need 2 years of rent receipts and some lenders will want a letter from your landlord saying you paid your rent on time.

  • Income verification for the past 2 years. Usually, that will mean copies of 2 years of tax returns. Some lenders may want to see copies of your W-2 as well as Form 1040.

  • Pay stubs or proof of past 2 months of income. If your self-employed profit and loss statements

  • Bank Statements for the past 2 months.

  • Documents for any debt you may have. Lenders can usually obtain that information from your Credit report, which you will have to authorize them to  obtain.

  • Income or debt from child support or alimony.

  • Proof of reserves for 3 months.

  • Sources of any large recent deposits or gift funds

Once your pre-approved and find a home and make a deal you can learn more at this article about what documents you will be signing when you get that loan to buy a home.


Michael Eisenberg

Michael was born and raised in Brooklyn NY. He graduated from Brooklyn College with a degree in Mathematics. His first job out of college was as an engineer tracking satellites. His last career before....

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