Social security number for anyone who is on the mortgage loan. This information can be verified through a Social Security card, tax documents, or anything else that shows the SSN. We need this to verify your identity.
Proof of employment. We need a list of employers for the last two years (at a minimum). This document will also include each employer’s name, mailing address and phone number. We. want to verify your employment, because it relates to your ability to repay the loan.
Proof of income. These documents are used to validate your income. It can come in several forms. This will be your two most recent pay stubs, or the electronic equivalent, that shows your year-to-date earnings. It’s your average annual income the we want to know about. We will also use tax records to verify your earnings (see next item).
Tax documents. This is a standard document for mortgage pre-approval. So there’s a 99% chance you will have to provide tax documentation at some point. We need to see your W-2 statements and tax returns including all schedules and forms for the last two years. Among other things, your W-2s show how much money you earned over the previous year(s).
Place of Residence. This one is self-explanatory. We want to know where you’ve lived for the last couple of years, and maybe longer.
Bank account information. When you apply for mortgage pre-approval, we will want to know how much money you have in the bank. We need to ensure you have sufficient funds for your closing costs, down payment, and cash reserves (if applicable).
Credit information. Do you have other outstanding loans that you’re currently repaying (car loans, student loans, etc.)? We need this information to measure your debt to income ratio.
Purchase agreement. Also referred to as the real estate contract. Once you have a signed contract with the seller, you’ll need to give a copy to the lender. You won’t have this mortgage document during the pre-approval process (the “pre” parts means you haven’t found a house yet). But you’ll need to provide it for the final approval, after you’ve made an offer on a house. This document shows the lender how much you’ve agreed to pay for the house. Later, they will have the property appraised to make sure it’s worth the amount you’ve agreed to pay.
Gift letters. Are your family members going to help you with your down payment? If so, you need to provide a gift letter along with your other mortgage documents. They need to make sure the money is truly a gift, and that your relatives don’t expect any form repayment.
Monthly expenses. We ask for an itemized list of your monthly payments. This list might include your rent, credit cards, student loans, etc.
Self-employment documents. Do you run your own business? If so, you might have to provide some additional documents during the mortgage pre-approval process. This might include balance sheets, a profit-and-loss statement, or federal tax statements for the last two years.
