What's Needed
items you will need when applying for a mortgage
Different lenders have different mortgage application requirements. Even though you may begin your search through our national network, the lender you choose may require additional information to finalize your application and to process your loan.
Below are five (5) quick items needed for a mortgage:
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what's needed
Application Items / Requirements
Different lenders have different requirements. The information required typically include the following:
- Social Security Number:
for borrower and co-borrower - Employment History:
employment for two years; dates and addresses; salary; current pay stubs or W-2 forms - Checking, Savings Accounts and CDs:
location of bank accounts, account numbers and balances; address of bank if out of town and be prepared to provide the last 3 months statements - Stocks, Bonds, and Investment Accounts:
broker's name and address, description of stocks, bonds, etc. and the last 3 months statements or copies of stock certificates - Life Insurance Policies:
insurance company, policy number, face amount, cash value, if any - Retirement Plan:
approximate vested interest value, copy of latest statement - Automobiles:
make and model of automobiles, their resale value if possible - Other Assets:
market value of personal and household property - Liabilities and Other Non-Mortgage Debt:
creditors names, addresses, account numbers, monthly payments, and balances
what's needed
Real Estate Information
Current Property Information:
- If you own real estate:
name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances - You've sold your home but not closed:
a copy of the sales contract - You've sold your home -- using the sale for the down payment:
a copy of the HUD 1 Uniform Settlement Statement - If you rent:
name, address and phone number of landlords for the past 24 months - Property being purchased:
Purchase sales contract or offer to purchase and all addendums:
furnish contract with original signatures of buyer and seller
what's needed
Other Possible Documents
- Gifts to be used to qualify:
if a source of your down payment is a gift, provide name, address and relationship of donor. Gift funds will be verified in both the donor and recipient's accounts. - FHA financing:
provide evidence of Social Security Number and photo identification - VA financing:
provide DD214 and Certificate of Eligibility - Construction/Perm Loan:
signed construction with cost breakdown, builder plan and specifications
what's needed
Application Processing Fees
There may be fees associated with the mortgage application that can vary by lending institution. Credit report fees can cost from $25-50. The appraisal can run anywhere from $250-500, depending on the area of the property that needs to be appraised.
Check with your lending institution for exact fee-related charges. Some lenders may require that you pay the fees upfront before they process your application.
what's needed
If Self-Employed
- If Self-employed:
furnish 2 years tax returns, profit and loss statements, both company and personal if separate. Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by a CPA. - Non-salaried Income:
personal federal income tax returns for the past 2 years, if you have income from:- Commission
- Overtime
- Bonus
- Partnership
- Rental Property
- Trust
- Notes Receivable
- Interest/Dividends
- Commission
- Employed in Family Business:
Personal federal income tax returns and all schedules (past 2 years) - Divorced or Separated:
complete executed divorce decree and settlement agreement. Payment history of alimony/child support over the past 12 months, if it is a financial obligation. If you choose to have this be considered as part of your income, be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.
Helpful Tools
Some helpful tools for making decisions:
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