• Ben Stiller
• Apr 27, 2022
• Mortgage Process
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If you’re planning to apply for a mortgage loan, you’re probably a little worried/stressed about all that comes with the process. However, there are precautions you can take to avoid becoming overwhelmed. One of the most effective ways to prepare for the application process is to have all the documents needed for a mortgage organized and readily accessible.

Common Documents You’ll Need

In almost any application for a mortgage, you’ll need to supply a significant number of documents that can verify your income, identity, credit history, and any debts or assets you possess.

To provide these verifications, the documents needed for a mortgage application may include:

Income forms like W2s, 1099s, pay stubs from your employer, past tax returns, child support or alimony, social security/disability income, etc.

Statements that declare your debts, like car loans, credit card statements, bank statements, student loans, and any other forms that declare you’re paying money out toward a debt

Asset verification, for example, your retirement account information, investment information, and forms that verify any properties or vehicles you own

A gift letter if some or all of your down payment is coming from gifted money

Property information

To determine your creditworthiness, you usually must authorize the lending company to examine your full, current credit report.

Finally, you’ll need to provide documentation that verifies your identity. These forms may include:

Social security number

State-issued ID

Birth certificate

Passport

Military ID card

Documents Needed for Special Circumstances

In some situations, there are not-so-common documents needed for a mortgage. If any of these situations apply to you, you’ll want to be prepared to produce your documents ahead of time.

• You’ve filed for bankruptcy or had a foreclosure in the past.

  If so, your lender will ask for all of your foreclosure or bankruptcy information, including proof that the debts have been discharged from your account.

• You’re divorced.

  If your divorce has any impact on your finances (ex: you have to pay child support or alimony), your lender is going to ask for the court and banking documents that verify your compliance with the orders.

• You previously rented your residence.

  Your lender might ask for contact information for your landlord and proof that you reliably paid rent for at least 12 months.

• You were not born in the US.

  If you aren’t a US citizen or you recently became a citizen, your lender might ask for alternate forms of identification, immigration information, and verification of your residency status.

As the mortgage approval process continues, more and more sensitive documents will be required. To protect and organize your sensitive information, it’s crucial to use a document organization tool that will organize your paperwork for lenders to review, but keep it secure as well.

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