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What Documents Will Your Mortgage Lender Need?

To adequately prove your income and financial readiness to purchase a home, you will need to provide your mortgage lender with a variety of documents. Rather than waiting for your loan officer to request these documents from you, it can be helpful to collect them ahead of time so that you can send them all over at once. Doing so can expedite the process considerably.

Mortgage applications in VA

These are some of the documents your mortgage lender will need from you:

  • Proof of income: You must submit your most recent pay stub (perhaps several recent pay stubs), a W-2 form for the last year, and your past year’s tax returns. Your lender might request additional paperwork depending on the size of your loan and your income history. If you are self-employed, you may need to submit profit-and-loss statements or 1099 forms.
  • Additional earnings: If you receive money from sources outside of your regular job, you’ll need to provide detailed documentation about that to your loan officer. This includes any money you get in alimony or child support in addition to rental income and extra job income.
  • Debts: You must compile a complete list of all your debts, statements that show the balances of those debts, documentation of your monthly payments and anything else that provides evidence of these regular expenses.
  • Assets: Your mortgage loan officer may request an inventory of assets, such as investments, bank statements, retirement accounts, real estate records and auto titles. This helps the bank to ensure you have enough savings to be able to withstand any unexpected costs that could arise after closing.
  • Other documents: Your bank might request other documents depending on your financial situation, so it can be helpful to get ahead by asking your loan officer specifically what he or she needs from you before it’s time to turn in all the paperwork.

For further information and advice on how you can best prepare for your mortgage loan application, speak with a skilled Charlottesville real estate attorney at Miller Law Group, P.C. Give us a call at 434-202-5293 or contact us online today.