How to Prepare Your Financials to Get a Mortgage

Whether you're preparing to get your first mortgage or you're in the refinance process, there are certain pieces of financial information your lender will require. Here is an easy to follow list of how to assemble that information to make the mortgage process easier!

Instructions

Difficulty: Easy

Things You’ll Need:

• Social Security number or taxpayer ID number
• W2 forms for the past 2 years
• Employer information (including phone, address) for the past 2 years
• Bank account information, including account numbers and balances for all of your accounts
• A listing of current assets, including CD's, IRA accounts, employer retirement accounts, stocks, bonds, etc.
• List of personal assets with cash value, such as variable or whole life insurance policies
• Listing of liabilities, including monthly debt obligation (credit cards, car payments, and other debt)
• Current and previous addresses for two years or rental history for two years
• Copy of the purchase agreement on the home you intend to buy

1. Assemble all of the information that is listed in the to-do list.
2. Make sure that you have the most recent statements for all of your investment, bank, and retirement accounts.
3. Once all of the information in the Things You Need list is assembled, make an extra copy for yourself and put it in a safe place (just in case!).
4. Present all of the information to your lender. They will thank you for being so thorough!

Tips & Warnings

• If you have misplaced your W2s, you can order a copy from the IRS. You may visit their website and request them online. The link is below in the Resources section.
• Some lenders will require copies of your tax returns for the past two years. A link below is included if you cannot locate copies of these in your records.
• You may find it quicker to request copies of past years' W2s directly from your employer if you need copies.