Overview

Being prepared with the necessary documentation will expedite the mortgage loan process. Below is a checklist in order to efficiently move the loan process along. The lender may have other specific requirements; however, this list should help you to get prepared and organized well in advance with some of these items covered in the pre-approval and the balance once you have signed the Residential Purchase Agreement (RPA):

Real Estate Contracts

• (if not getting pre-approved prior to entering into contract)
• Purchase Agreement
• Sales Contract (if selling your home to buy a new one)

Residence History

• Past 24 months of residence
• Length of time you lived at each address
• Name of landlord and their address (if renting)

Employment History

• All original paystubs for past month
• Employers for past two years with complete addresses
• Dates of employment for each job
• W2s for last two years
• Most recent tax returns for past two years
• Explanation for gaps in employment, if applicable

Financial History

• Copies of most recent monthly statements for all loans and credit cards
• Copies of most recent three months’ bank statements for all accounts, stock brokerages, mutual funds, IRAs, Pensions, etc.
• If you are self-employed or received a 1099, your most recent tax returns for the past two years with all schedules and a year-to-date profit and loss statement and balance sheet
• If you own 25% or more of a corporation, the most recent corporate tax returns for the past two years with all the schedules and a year-to-date profit and loss statement and a balance sheet.

Current Real Estate

• Property addresses
• Estimated market value of property
• Amount of monthly payment and outstanding loan balance, include most recent loan statement
• For rental properties, include schedules with your most recent tax returns for past two years

Personal Property

• Year, make, and model of vehicles
• Value of any furniture and personal property
• Cash value of your life insurance policy

Special Circumstances

• Separated or divorced – bring a copy of your divorce decree and separation agreement, plus documentation of any alimony or child support payments you are required to make. If you are receiving alimony or child support and want it to be considered as income, you’ll need proof of this income such as the court clerk’s history of payments or cancelled checks for the past 12 months.
• Public Assistance – any pension, disability, Social Security or any other form of public assistance, bring a copy of an award certificate or a check from the issuing agency.
• Bankruptcy – If you have had a bankruptcy, foreclosure or judgments against you over the past seven years, include either a copy of the bankruptcy discharge and schedule of both debts and assets and/or judgments against you should include an attorney’s letter that discusses the outcome of the proceedings.
• Department of Veterans Affairs (VA) loan – Bring your DD214 form (discharge) papers or your certificate of eligibility.
• IRS Installment / Payment Plan – If you owe taxes to the IRS and are on an installment plan, the installment plan agreement and proof of 1-3 months of recent payments (depends on loan product)