Mortgage Application Documents

Last Updated 12/17/2014

The thought of a mortgage application can be overwhelming for many borrowers. However, with some simple planning ahead your mortgage loan process can be quite simple. Here is a list of mortgage application documents that you will want to start gathering once you’ve been pre-approved.

1- Proof of Income

Every lender will request to verify the income that was stated on the mortgage application. This will include any income that was used to qualify the borrowers including, employment, rental and retirement income. Also, if annuities of stock income were included on the application they will want to verify this as well.  Typically a mortgage lender will verify the two most recent months of income.

2- Proof of Residence

Lenders like to get a history of any residence you have had in the past two years. Most often a simple list of your previous addresses will suffice for mortgage application documentation.

3- Proof of Assets

Another type of mortgage application documents that you need to gather together is verification of assets. This will include any financial assets that you used to qualify for your loan. Examples of assets are anything in a checking or savings account, various stocks, individual retirement accounts and 401k’s or any other investments listed on the application. You should collect your 2 most statements for all assets listed on your mortgage application.

4- Written Explanations

Lenders typically ask for a written explanation regarding any inquiries on your credit report from the past 6 months or so. Mostly the lender will want to confirm that no new debts have been opened from the recent inquiries. Additionally, underwriters may want an explanation of any recent delinquincies listed on your credit report or overdrafts on your bank account.

5- Tax Returns

Depending on your situation your mortgage lender may ask to review your two most recent tax returns. The most common reasons for needing to submit tax returns is to verify self employment income, bonuses, or rental income.

This checklist should ease some anxiety about what mortgage application documents you’ll need to provide. Every situation is unique to speak to your lender about what documents they require on your particular application.