Preparing to Apply

A consumer who is applying for a mortgage loan should be prepared with the proper documentation. There are several pieces of paperwork that will likely be requested by the lender during the mortgage loan application process. If you are a disorganized person, getting a head start on assembling the paperwork can be a big help. Here are some general guidelines (check with your lending institution for specific requirements):

Have a check or money order ready to pay the application fee. Have income documentation ready in the form of pay stubs, employment history and employer contact information, and W2 forms. Bring statements from any accounts you have, including bank accounts, mutual funds and/or investment accounts – if possible, provide statements for the previous three months. Also bring any other documentation regarding sources of income, such as for example a Social Security Award Letter or a court order for child support or alimony.

Bring documentation about your debt as well, indicating who you owe, how much you owe, your account numbers, and your typical monthly payments. Be prepared to be asked for explanations of any questionable items on your credit report, such as late payments, charge offs, etc.

You also need to be able to document your identity. Bring your driver’s license and the street address or addresses you have lived at during the past two years. For non-citizens, a green card can be an acceptable form of identification. Also bring any legal documentation necessary, such as a divorce decree if applicable.

While it may seem daunting to have to produce all these items, knowing ahead of time what’s likely to be required can streamline the process.