Most people who have bought a home will attest to the fact that the process can be stressful; finding the right home, negotiating contracts and counting the days until closing can all try the patience of the best of us. Another facet of the home buying process that is critical to get right is the mortgage application. Making sure you have all the correct documents for your loan officer can mean the difference between a smooth closing and problems that could delay or even scuttle the purchase.
While there are many different kinds of mortgages available to home buyers, each with there own set of required documents, there are some basic documents that are common to all mortgages. Our good friend and local loan originator George Souto of McCue Mortgage has put together a list of those documents for you here:
- One month of pay stubs, or if retired or disabled:
- Pension Award Letter & proof of receipt
- Permanent Disability Award Letter & proof of receipt
- Social Security Yearly Award Letter
- W2’s or 1099’s for the past two years
- Bank statements going back 1-3 months depending on the Loan Program (all pages)
Having these documents ready when applying for a mortgage won’t guarantee your application will be approved, but it will make it a lot easier for your lender to get the process started and get you one step closer to moving into that new home. For more information and a list of documents needed for other types of mortgages, check out George’s post here.