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December 24th, 2013

7. What documents will I need to apply for a mortgage?

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iStock_Stack of PaperworkNumber seven on our list of the top-10 articles of 2013 is another back-to-basics article from 2010 on the general documentation you will need to apply for a mortgage. The article is titled “What documents will I need to apply for a mortgage?

Preparation is such an important part of the mortgage process. And back in 2010 when it was quite difficult to get a home loan, borrowers had to be even more prepared due to lenders’ strict documentation requirements.

Since the mortgage market is so fluid, requirements, including documentation, change all the time. Be sure to check with your lender on which pieces of documentation they require for your particular situation.

Excerpt:

Here’s a list of the documents most commonly needed in order to apply for a mortgage loan. You may need additional documents depending upon the type of loan you’re applying for, so be sure to check with the lender.

  • Application Fee (cost of appraisal and credit report)
  • Legible sales contract signed by Buyers and Sellers.
  • Social Security number of all applicants.
  • Complete address for the past 2 years (including complete name and address of landlords for past 24 months).
  • Name, address, and all income earned from all employers for past 24 months.
  • Copies of previous two years W-2 forms.
  • Copy of most recent year-to-date pay stub.
  • Name, address, account number, monthly payment and current balance for: installment loans, revolving charge accounts, student loans, mortgage loans, and auto loans.
  • Name, address, account number, and balance of all deposit accounts, including: checking accounts, savings accounts, stocks, bonds, etc.
  • Three months most recent statements for deposit accounts, stocks, bonds, etc.
  • If you choose to include income from Child Support/Alimony bring copies of court records of cancelled checks showing receipt of payment.

Be sure to read “What documents will I need to apply for a mortgage?” in its entirety.

Previous:

10: Buying a new home when you haven’t sold the old one

9: Prepaid items vs. closing costs—what’s the difference?

8: A home improvement loan with no home equity?

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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