Mortgage Application Checklist

By Veronica Nguyen · Apr 1, 2015 · Mortgage

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Image courtesy of Flickr, kkirugi

This mortgage application checklist will help you get prepared before you apply for a home mortgage. Gathering this information ahead of time will ensure this process moves quickly and limits any delays.

Identity Verification (Borrowers Information)

• Full Name

• Social security number (You may be asked to provide a copy of your social security card).

• Government issued photo ID (driver's licensed or passport)

• Date of birth

• Current Address (residence for the last 2 years)

• Phone number

• Email Address

Income Verification

• Last 2 years employment history

• Name and address of all employers (2 years)

• Pay stubs

• W-2's from the last 2 years

• Federal tax returns from the last 2 years

• Pension, retirement benefits and social security award letters (if applicable)

• Letter of explanation for any employment gaps

• Alimony or child support income (if applicable)

• Proof of any supplemental income

• Tax Transcript (IRS form 4506-T signed and dated)

Income verification If Self-Employed

• Profit & Loss Statement (year to date)

• Personal and Business federal tax returns for the past three years

• List of all business debts

Credit Verification

• Letter of explanation for late payments, bankruptcy, collections and judgements in credit history.

• Bankruptcy discharge letter

• A copy of the divorce decree

• Mortgage lenders information and address for any real estate you own.

• Verification of rental payment history, public utilities, phone, car insurance and other expenses.

Tips About The Documents

Some lenders may want more or less information from you depending on your unique situation.

• If you've lived in your current address less than two years, be prepare to supply all previous address for the seven years.

• If you have not established credit, your lender will want to see more documents showing you can afford the mortgage loan.

• Your ethnicity and race will be asked to make sure that everyone is being treated fairly (although you can decline to answer).

• You will be asked if you are a U.S Citizen or a resident alien.

• If you're getting alimony or child support income, you do not have to disclose it unless you want the lender to consider it as additional income for your qualification.

• The lenders will run your report using your identity verification information.

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