Mortgage Rules of Engagement - Mortgage Checklist

First time home buyers are taking advantage of low interest rates and a drop in housing prices. As first time buyers, many are green to the surge of paperwork they encounter during the buying process. The mortgage application process especially can be tedious and cumbersome. While it’s important to have a mortgage broker who will take his or her customer through the process, it doesn’t hurt to have a solid understanding of all that is involved. Continue reading to understand the most common documents potential home-buyers should bring to their banker early in the mortgage application process:

Here’s a list of the most common documents potential home-buyers should bring to their banker early in the mortgage application process:

1. Federal income tax returns for the previous two years.
2. Three recent consecutive paycheck stubs.
3. If self-employed, 1099 tax forms and year-to-date profit/loss statements.
4. Three consecutive bank statements.
5. Investment and savings account statements.
6. Recent year’s canceled rent/mortgage checks or other verification of payments.
7. Documentation of additional mortgage loans or rental properties and agreements.
8. Recent statements from each of your credit card companies.
9. Recent statements or other documentation of car loans, student loans and other debt obligations.
10. Divorce documents or other legal documentation, if applicable.

Read More What To Know About:  Mortgage Application Checklist

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