Q: What documentation do I need to have to apply for a mortgage?
A: Mortgage lenders need lots of proof to be sure they are making a safe bet on you paying your mortgage. Here is a list of what you need to show:
- W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every person signing the loan.
- At least one pay stub for each person signing the loan.
- Account numbers of all your credit cards and the amounts for any outstanding balances.
- Two to four months of bank statements for both checking and savings accounts.
- Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
- Addresses where you’ve lived for the last several years.
- Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
- Copies of your most recent 401(k) or other retirement account statement.
- Documentation to verify additional income, such as child support or a pension.
- Copies of personal tax forms for the last two to three years.
This list may not contain everything that the mortgage lender will ask for, but it’s a start.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.