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Documents to Collect for a Mortgage

Documents to Collect for a Mortgage

October 29, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage Preapproval, Mortgage Refinancing, Mortgage Tips, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

Documents to Collect for a MortgageIf you are in the process of buying a house or are thinking of buying a house, there are some common documents you will need for your mortgage. By collecting them early and having them upfront, you will save time in the process and help your mortgage officer properly prequalify you. And many lenders will not give you a prequalification letter without at least some of these documents to ensure you can prove your income and assets.

The first document you will need is your tax returns. This includes all personal and business returns, all schedules, and the returns need to be signed. If you own a business, your Schedule K-1, Schedule C, Form 1065, Form 1120, or any other document you file is required. Similarly, any schedules for real estate income, investment income, or any other income or losses is required.

Speaking of income, you will also need any W-2’s or 1099’s. Unless you are a small business owner and only show your income through your schedule, you will have something from an employer which shows how much money you made for the year.

If you have bank accounts, investments, IRAs, or 401ks, you will need to have your last 2 months of statements. This both shows the assets if they are being used as a compensating factor, and shows where the down payment will come from. This allows you to “season” the money. If any of the money will be a gift, you will want to send in a gift letter.

If you are paid with a paycheck, you will also want to get your last month’s worth of paychecks together. And finally, you will want to sign and send back a 4506-T which allows the lender to request a copy of your tax returns from the IRS.

If you have any questions about getting prequalified for a mortgage, please contact me. If you have any other documentation you think is important to collect, please leave a comment.

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