What Documents Are Needed for a Mortgage?

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If you plan to apply for a mortgage loan to purchase a home, you must provide certain documents before you can get approved. Some documents needed are the contract for the home and a copy of your most recent pay stub. These documents are needed so the lender has proof of the sale price of house you plan to purchase and your financial standing.

Recent Statements

  • If you plan to apply for a mortgage loan, you should have three months of statements for your checking and savings accounts. The statements must include your account number and balance. If you have a 401(k) retirement savings plan or any stocks or bonds, you must also include the account information and value of these items. This is important so the lender will see that you have funds for a down payment. Some lenders require you to have at least two months of mortgage payments in your accounts.

Credit Cards and Loan Information

  • Prepare a list with information of any credit card accounts or installment loans you have. Make sure to include your name, address and account information, as well as the balances of your credit cards or installment loans. The lender will use this information to determine your debt to credit ratio so they will know how much of a mortgage payment you can afford each month.

Contract

  • Your lender needs a copy of the contract for the house you plan to purchase. You can get this from your real estate agent or lawyer. The contract must be signed by the seller, buyer and witness. Some information on the contract that the lender needs to process the loan includes the sale amount and location of the house.

Proof of Employment

  • You must also have proof of employment to apply for a mortgage loan. You need copies of the most recent pay stub and copies of your W-2 form or 1099 form for the past 2 years. Lenders need these documents for proof of your employment history. If you don't have a copy of your W-2 form for the past two years, you may be able to get a copy from your employer or you can send a request form to the IRS.

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