Home mortgage financing documentation checklist

Your home mortgage financing documentation checklist.

When it comes to applying for a home mortgage loan, you’ll be asked to collect and share what may feel like a significant amount of your personal information. This is to be expected, and in being thorough, you can actually help make the process even more seamless. Take a look at some of what you’ll be asked to share:

Personal documentation

The first step in the mortgage lending process is to verify your personal information and credit background. To do so, your lender will typically request a photocopy of your current Driver’s license and the following information for each borrower applying for the loan:

Residence history

In addition to looking at your Driver’s license number and Social Security number, most lenders will also cross-reference your address to verify your identity and any existing home loans. Your lender typically will review:

  • Previous addresses for the last two years
  • Your current landlord’s name, address and phone number (if applicable)

Employment history

Because employment is a major factor in qualifying for a home loan, lenders pay close attention to how long someone has been employed. Specifically, they look at the duration of employment, as this indicates financial stability. It’s also important to note that some lenders may call your previous place of employment to verify the information you provided. They’ll typically review:

  • Names and addresses of all employers for the last two years, and dates of employment with each
  • Pay stubs—or other proof of income—for the last 30 days
  • Two years of W2s and 1040s
  • Year-to-date profit and loss statement (if self-employed)

Financial history

One of the most important aspects of applying for a home loan is providing insights into your financial history. Your lender will review your checking accounts, savings accounts, and any other financial or banking account information provided. This will ultimately help them determine how much you can afford to borrow, plus what you will need to have saved for a down payment and any closing costs. At this point, they’ll typically review:

  • Last two months’ worth of statements from your savings and checking accounts
  • Recent statements from any stocks, mutual funds, 401K and retirement accounts
  • Proof of earnest-money deposit
  • Proof of closing funds
  • Other existing loans, such as auto or student loans
  • Copy of your most recent property tax bill (if you currently own a home)
  • Copy of your most recent homeowner’s insurance bill (if you currently own a home)
  • Copy of your most recent mortgage statement (if you currently own a home)

Additional documentation

In addition to the above documents, which are standard across almost all lenders today, you may be asked to provide additional documentation that explains special, unique or uncommon circumstances. Your lender will specify what documents are needed, but they may include any of the following (if applicable):

  • Complete bankruptcy papers, including discharge
  • Complete divorce papers
  • Signed and dated letters that explain certain situations, such as switching from full-time employment to self-employment
  • Verification of child support or alimony payments

Having these documents prepared in advance can save you a lot of time and trouble. It will also make the entire loan process smoother and faster, preventing unwanted delays.

For a more in-depth look at the entire new home build financing process, read the Meritage Homes Guide to Financing your New Home Build to feel prepared and confident at every step.

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