Category Archives: mortgage loan paperwork

10 Documents You’ll Need for Your Home Loan

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approved stamp after all the documents are gathered for a home loanSpring is an ideal time to buy a new home.  Not only is the weather nice and there are (usually) more homes listed for sale, but home buyers can also “nail two birds with one stone”: getting their taxes and the home loan approval process done.  Because you need to collect the same documents for both (and tax returns for your home loan approval), it makes sense to tackle both projects in spring.  We’ve compiled a list of document you’ll probably need for your home loan—and a list of tips for choosing the right mortgage lender for your home sale.

So what’s the “probably” in that last statement?  Requirements for a home loan can vary among mortgage lenders and the applicant’s circumstances.  For instance, an applicant who owns their own business is going to need to provide different documents for the home loan than an applicant employed by a company.  Here’s a general list of documents to compile for your home loan—or to keep out after you’ve finished your income taxes:

  • W-2’s
  • Pay stubs
  • Business profit and loss statements or 1099
  • Bank statements
  • Tax returns (1-3 years)
  • Investment statements
  • Titles (automobile, real estate, etc.)
  • Canceled rent checks (or proof of payment from landlord)
  • Gift documentation (if part or all of your down payment was gifted)
  • List of debts (your mortgage lender may be able to get this from your credit report)

There may be other documents you’ll need to provide, per your mortgage lender.  You’ll also need to give permission for your mortgage lender to pull your credit report.  Once pulled, check your credit report over for inaccuracies such as loans that are old or are not yours.

Once you’ve got your pre-approval amount for your new home, contact a real estate agent to get your home search started.  Compile a list of ‘must-haves’ for your home search, including the number of bedrooms, lot size, and any other aspects of your home you would like (for more tips on putting together a must have list, read our recent post).  Set a budget for your home search; your budget number does not have to be the same as your home approval number.  Once you have your pre-approval number, budget amount, list of must-haves, and an experienced real estate agent, it’s time to get out and enjoy the warm temperatures during your spring home search.