Financial Documents Your Lender Needs For Your Mortgage Approval

Mortgage lenders require paperwork that verifies every facet of your financial life: income, debts, assets and more.

The lender will request the following documents, so gather them before you apply for a mortgage.

Checklist:

• W-2 forms from the previous two years, if you collect a paycheck
• Profit and loss statements or 1099 forms for the last two years if you are self-employed
• Recent paycheck stubs (if you are a W-2 employee)
• Most recent federal tax return, it is possible they will want the last two tax returns
• A complete list of your debts: credit cards, student loans, car loans, and child support payments, along with minimum monthly payments and balances.
• List of assets including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements, and records of other investments and assets.
• Cancelled checks for your rent or mortgage payments
• If you are placing the home in a trust, you will need a copy of the trust
• If retired and receiving social security income, you will need the most recent “award letter”.
• If you have investment properties and are using rental income as part of your qualification, you will need mortgage statements, insurance, and a copy of the fully executed lease agreement.