Applying for a home loan is a complicated process that requires you to be organized and save every form and paper. You never know what will be important at some point in the future. You should always make copies of everything associated with your application, but it can be tough to decide what preexisting documents are important. This mortgage checklist can help you make sense of the more general documentation that you should save when applying for a loan.
The first information you should gather is your payroll stubs. Your income is one of the most important details a lender is interested in. Try to find your payrolls for at least the last 30 days. It is also very useful to have your tax returns and any W2 forms handy. Other income related documentation that could be important include:
- Social Security
- Child Support
The lender needs to be confident in your ability to pay back the loan, so you need to show them proof of as much of your incoming money as possible.
Any information about your accounts that you receive from the bank could also be very useful. When applying for a mortgage, you should print out a statement for your current checking and savings accounts. Do not forget any investment statements you may have, including brokerage, retirement, rental properties, or other general investments.
Lastly, it is important to provide a extensive representation of your financial situation. Get the appropriate documentation if any of the following applies to you:
- Current loans
- Renting property
- HUD-1 Settlements
There are many different possible legal documents that you might have besides the ones listed here. Just thoroughly examine your financial situation so you do not overlook anything. Creating a mortgage checklist can make this stressful time a little more manageable. Having everything organized is one of the best ways to ensure your loan application runs smoothly.