Checklist: Documents Need for a Mortgage
Before you apply for a home loan, your mortgage lender collects information about you and your financial life to ensure that you meet the requirements to receive a mortgage and can feel confident in your mortgage. By gathering the required documents in advance, you can streamline the loan application process.
If you're looking for a mortgage lender in Ohio, Central Pennsylvania or Western Pennsylvania, come to First Commonwealth Bank. We'll guide you through the mortgage process and ensure you have everything you may need.
Mortgage Checklist
There are several things to gather before you begin the mortgage process. Additional documents needed for mortgage pre-qualification or pre-approval may be requested depending on your situation, but this is a great start:
Your Social Security Number
Lenders require identification like a Social Security number or a photo ID to prove your identity before granting a loan.
Last 30 Days of Pay Stubs
Pay stubs demonstrate the stability of your income. Sometimes lenders require pay stubs signed by employers. You can provide this information through paper or electronic records.
W-2s For All Employees
You can obtain these documents from your employer or ask the IRS for the information since W-2s are required for your tax returns. Lenders typically request W-2s from the past two years.
Federal Tax Returns
If self-employed, a copy of your signed Federal tax returns for the past two years can help lenders verify your income and deductions.
Bank Statements for the Past Two Months
These statements prove your incoming funds, helping lenders ensure you're not borrowing money to pay your down payment.
Investment Account Statements for the Past Two Months
Investment accounts may include individual retirement accounts (IRAs), certificates of deposit (CDs), brokerage accounts and more.
Retirement Account Statements for the Past Two Months
If you're retired and receive passive income, banks can use retirement account statements to determine whether you have a reliable income.
Extra Requirements If You Currently Own Real Estate
If you own real estate, you should prepare documents to show the value of these assets and demonstrate any expenses that these properties may accumulate. Here are some additional documents for real estate owners:
- Two years of personal tax returns
- Mortgage holder account, payment and balance information
- Hazard insurance policy information
- Home equity account, payment and balance information (if applicable)
Choose Us for Help With Your Mortgage Application
Buying a home is an exciting opportunity, and our team at First Commonwealth Bank can help make it simpler for you. We offer various mortgage options to suit your financial situation, and we can help you through pre-approval and the mortgage application process so that you can buy homes with confidence. Make an appointment with us for assistance preparing documents for your mortgage.