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What Documentation Do You Need When Applying for a Mortgage?

In order to expedite the process of applying for a mortgage as efficiently and effectively as possible, it is important to be prepared with the necessary documentations the lender will require. The following is a list of the documents you will need when applying for a mortgage (be prepared to hand these over to the lender):

  1. Copies of tax forms for the past two years (if you have more than two years -- all the better). Also include any attachments.

  2. W2 forms for each person who will be a co-borrower on the loan.

  3. Copies of recent pay stubs for each co-borrower.

  4. Copies of the three most recent statements form banks, IRA's, 401K or stock accounts.

  5. Copy of cancelled earnest money check. If the check has not yet been cashed, contact your bank.

  6. If gift money is being used to pay the down payment, a gift letter affidavit must be signed by the giver indicating that the money is a gift and does not need to be repaid. A proof must also be provided that the giver can actually afford to give the gift -- a copy of the givers most recent bank statement will be sufficient.

  7. If you are selling your home, a copy of the listing agreement is required. If the property is under contact, a copy of the sales contact is needed.

  8. Addresses and account numbers for all forms of credit you have.

  9. If you are self-employed, you will need to provide copies of the past two years business tax returns and a year to date profit or loss balance statement and balance sheet.

  10. If you have bankruptcy history, you will need to provide copies of the proceedings, schedules and a letter explaining the circumstances for the bankruptcy.

  11. If you have additional income from other sources you will need to provide a proof.

  12. A list of your addresses for the past seven years.

  13. An explanation of any large deposits into bank accounts over the past three months.

  14. If you have any judgments against you, a copy of a recorded satisfaction of the judgment is required.

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