Mortgage Checklist

Mortgage Application Checklist

When it comes to buying a home, you may be wondering what documents or information you will need to provide when you apply. We know that it can take some time to round up information, especially when there are other people involved. So to make this process as simple as possible, we’ve created a list of those items. Don’t let it overwhelm you. They are categorized, and you will only be responsible for the items that apply to your unique situation.

    1. Identification and names for all borrowers: State ID, Driver’s License, Passport, Power of Attorney, etc.
    2. Complete addresses for the last two years.
    3. Email address – We will send the initial disclosures via email to collect an electronic signature for processing the application.
    1. Self-Employed: Past two year's copies of your complete Federal personal and/or business fully executed tax returns, including all schedules, W-2's, and 1099's.
      Please note: Business Tax Returns will also be required for any ownership of 25% or more in any business. If less than 25%, along with a K-1 showing percentage of ownership
    2. Retired: A copy of your current Social Security and/or Retirement Statement and a copy of the past two year's 1099's.
    3. Employed by someone: A copy of your most recent pay stub showing one (1) full month of earnings and a copy of your past two year's W-2s.
    1. Complete copies of your past two months consecutive statements on all deposit, retirement, and investment accounts listed on your application.
    2. Alimony and/or child support: A copy of the court order for payment arrangements.
    3. Insurance: Copy of the declaration page of your homeowners/flood insurance policy (indicating amount of coverage)
    1. Purchasing a property: A copy of the purchase contract fully executed by all parties, including realtor.
    2. Refinancing: A copy of the recorded general warranty deed to the subject property. If the property is titled in the name of a trust, a complete copy of the trust agreement.
    3. Construction: A copy of the contract to build or cost estimates to build, deed to the property or copy of the purchase contract of the land, plans and specifications.
    4. Tax Assessment: A copy of the real estate tax bill for the subject property.
    5. Copies of all recorded Covenants and Restrictions: If the home is located in a Planned Unit Development with mandatory dues, evidence of the Home Owners Association comprehensive general liability insurance and a copy of bylaws.
    1. If the refinance is paying off loans or credit cards, a most recent statement of subject debt.
    2. If other real estate properties are owned, include a copy of the Homeowners/Flood Insurance Policy, real estate tax bill, and mortgage statement showing the payment breakdown.

Once the application has been approved, other documents may also be needed to close on the home and ‘lock-in’ the final rate. The lender will discuss these items with you if they are needed.

Still have questions? Give us a call at 804-435-1181. We’re here to help.