Documentation You Need for a Mortgage Application
"Don't wait until the last minute to get your mortgage documentation together ...
Early on, it's a good idea to plan on having the proper documentation needed prior to filling out your mortgage application. If you have electronic deposit from your employer this is easy. If not, plan ahead and gather your records in an organized manner. If you know you'll be applyling for a mortgage in June, it may be wise to start planning your document gatering around March just to be safe. Here is a general list of common personal income documents you'll be asked to disclose to your mortgage broker: :: W2 forms for the past 2 years :: Pay stubs for the last 2 pay periods :: If self employed, you'll need signed1040's for the past 2 years :: If more than 25% of your income comes from being self employed, overtime,commisions or being employed by a relative you'll need to present all schedules :: Proof of income from social security, pension or disability :: Business owners need to present tax returns for the last 2 years if they own 25% or more of a business.
Early on, it's a good idea to plan on having the proper documentation needed prior to filling out your mortgage application. If you have electronic deposit from your employer this is easy. If not, plan ahead and gather your records in an organized manner. If you know you'll be applyling for a mortgage in June, it may be wise to start planning your document gatering around March just to be safe. Here is a general list of common personal income documents you'll be asked to disclose to your mortgage broker: :: W2 forms for the past 2 years :: Pay stubs for the last 2 pay periods :: If self employed, you'll need signed1040's for the past 2 years :: If more than 25% of your income comes from being self employed, overtime,commisions or being employed by a relative you'll need to present all schedules :: Proof of income from social security, pension or disability :: Business owners need to present tax returns for the last 2 years if they own 25% or more of a business.