Real NEastate: Mortgage requirements

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.

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