Mortgage Application Checklist: Documents You'll Need to Apply

At Mortgages by Jill, we understand that applying for a mortgage can feel overwhelming, especially when you’re tackling it for the first time. There are so many documents to track down, financial details to gather, and paperwork to complete. It’s easy to feel lost in what can seem like a maze of mortgage application requirements.

That’s why we’ve created this checklist - to provide clarity and guidance. We want you to have the full lay of the land when it comes to the key documents lenders will need from you. Our goal is to make the application process as seamless and stress-free as possible. With this roadmap, you’ll know exactly what to prepare in order to submit a comprehensive, mortgage-ready application file. We’ll also be with you every step of the way to answer questions, offer advice, and help explain anything that seems confusing. Let’s get started!

Identification documents

Lenders require government-issued ID to verify your identity and legal residency status. This includes a current driver’s license, passport, permanent resident card, or military ID. Make sure the ID you provide matches the personal information on your mortgage application.

Social security number

Your lender will need your Social Security number to pull your credit report and employment history. Provide an original Social Security card if possible or a W-2 form, 401k statement, or previous year’s tax return showing your full SSN.

Income documentation

Lenders analyze your income sources to determine the loan amount you qualify for. Be prepared to provide recent pay stubs, bank statements, W-2 and 1099 forms, and at least two years of federal tax returns. Self-employed applicants should have profit and loss statements. Retirement or rental income will also need documenting.

Asset statements

Asset documentation proves you have funds available for the down payment and closing costs associated with the mortgage loan. Provide the most recent statements for bank accounts, investment accounts, retirement plans, real estate owned, and any other assets. Gift funds and cash reserves will also need sourcing.

Property information

Your lender will need to review details on the property you wish to purchase or refinance. Provide listing information, MLS sheets, purchase contracts, tax assessments, association bylaws, deed restrictions, and any other relevant property documents. Your loan officer can guide you on specific requirements.

Credit history report

As part of underwriting, lenders will obtain a credit report on all borrowers listed on the application. Be prepared to explain any derogatory items, late payments, collections, or bankruptcies recorded on your credit history. Past issues don’t necessarily preclude approval but do require investigation.

Homeowners insurance

Lenders require borrowers to maintain hazard insurance on the property securing the mortgage. Provide quotes from insurance agents to demonstrate the property will be covered. You'll need to supply the policy declaration page before closing.

Earnest money deposit

When purchasing a home, lenders verify you have skin in the game by providing an earnest money deposit with your offer. Obtain documentation from your real estate agent showing the escrow account where earnest funds are held.

Fees and closing costs

In addition to your down payment, be prepared to pay upfront loan origination fees and closing costs at mortgage settlement. Lenders itemize these mortgage-related expenses in a Loan Estimate they will provide. Plan to bring certified funds to closing.

Get in touch with our team at Mortgages by Jill for assistance with mortgage loans and more!

Having all your documents ready shows lenders you’re an organized, prepared borrower. It helps speed up the approval process and gets you one step closer to your dream home. While the mortgage application checklist may seem long, our team is here to help gather items, explain requirements, and ensure you submit a complete file.

At Mortgages by Jill, our focus is you. We want to provide an exceptional, personalized experience that takes the hassle out of getting a mortgage. Our mortgage advisors truly partner with you throughout the home buying journey. We’re invested in your goals and committed to making your financing experience a stress-free one. Don’t hesitate to lean on us as you prepare to apply - we’re excited to help your homeownership dreams become reality!

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