An Essential Mortgage Application Checklist

You’ve made the decision to apply for a mortgage. Now you need to know exactly what will be required for the application and the loan process.

Here we provide a list of virtually all the items you could need. But requirements vary among lenders and loan programs and may be affected by your personal financial situation. In some cases, you may not have to provide all of the documents we list. But it’s best to have everything ready to make sure your loan process goes smoothly.

If you’re wondering why so much documentation is required, it is to provide protection for both the lender and the borrower. The lender needs to verify the facts of the borrower’s financial situation so as to minimize the prospect of future default on the loan. Careful screening by the lender also helps the borrower by preventing people from borrowing more than they can comfortably repay.

Income Documentation – required for each applicant.

Documents required if you’re paid by the hour or through a salary:

Asset Documentation – required for each applicant

copies of your two most recent and consecutive bank statements including all pages
copies of the two most recent statements for other assets such as 401(k)s, IRAs, stocks, mutual funds and the like, including all pages

Other Documentation

What’s the Conclusion?

While it may take a little time to compile all this documentation, once you’ve done so the loan application process should go smoothly. Even though lenders’ requirements vary, if you’ve completed this checklist you should be prepared for anything.