On your marks, get set, go! Today, we’ll talk about getting the home loan documents together you need to apply for a mortgage. FAST!
- Have the list of needed documents handy (see below)
- Make a file on your computer (name it mortgage docs)
Mortgage Loan Document Checklist
Are you wondering, “What documentation do I need for a home loan?” Here’s the basic list for all borrowers:
- 30 days’ pay stubs
- Two years W2s or 1099s
- Two years of personal federal tax returns
- Two months bank statements
- Driver’s license
If you own a business, add:
Home Loan Document for Self-Employed
- Two years of business federal tax returns
- Two months business bank statements
- Current profit & loss
- Start gathering the above for all borrowers. PDFs are the best because they’re easy to upload.
Save copies in a simple format. For example,
- Paystub-Bob-June 15
- Paystub-Sally-June 15
- Taxes – Personal 2021
- Taxes – Business 2021
That way, you’ll be able to see at a glance what documents you have and what you need.
Then later, if you need to update anything, for example, more recent bank statements – it’s easy to see what you’ve already uploaded. It’s not a hassle when everything is saved and organized if you need to resubmit anything.
Ask your accountant to email you a PDF version to upload for taxes. You’ll be able to download your bank statements and save them in your file on your computer.
It will save you time to gather these documents before filling out your loan application. And sometimes, all you need to do is let your loan officer know you have your documents ready, and they’ll fill out the majority of your application.
Having Your Documents Submitted Before Putting in an Offer is Vital
Here’s what one of our Loan Advisors, Cari Deckert has to say – she’s really good at getting her borrower’s loans closed fast. And that’s because she makes sure to gather all the documents she needs early on in the process.
“With a purchase – I need the documents to do a home loan pre-approval. Having documents allows for us to be accurate on the pre-approval and limit the stress once the buyer is under contract as we will be ready to move forward with their purchase loan.”
We hope these tips have been helpful. Sometimes a little planning and organization go a long way.
When you’re thinking about getting a mortgage, Homestead Financial Mortgage is here to help. We’ll answer any questions and make the entire process smooth and stress-free. Contact us today.