Gathering Your Documents For Your Mortgage

If you’ve ever bought a home, then you know just how much documentation will be required during the mortgage process. Many homebuyers report this as their biggest pain point during a mortgage transaction.

Luckily for you, we have helped thousands of homeowners and have it pretty dialed in. Our goal is to get the documentation from you upfront, and that way you can relax throughout the rest of the process. 

Was it always this way?

No. Before the Financial Crisis of 2007-2008, the mortgage process required minimal documentation. Due to the role of mortgage lenders, the mortgage industry became highly regulated. This meant a significant increase in the documentation for all types of home loans. While this can be painful, it helps us all trust that we will not see the same thing happen again and that lenders are doing their due diligence when it comes to funding mortgages.  

Purchasing and refinancing

We pride ourselves on our ability to collect your documents upfront. While this may seem overly thorough, it gives us a much better picture from the start. This helps us ensure a timely and smooth mortgage process. 

The documents we will ask of you include: 

  • Valid photo identification
  • Bank/asset statements for the last two months on all checking, savings, stock, mutual funds, IRA, or other liquid assets you would like on your loan application
  • Pay stubs for the last 30 days
  • W-2 forms for the past two years
  • Federal tax returns for the past two years, including all schedules
  • If self-employed or you own more than 25% of a business, copies of business tax returns for the past two years, including all schedules. Provide all K-1’s to prove ownership interest in any entity.
  • For other real estate owned, we need loan information, monthly payment, and any rent collected
  • Homeowners insurance contact info
  • Landlord/mortgage company information for the past two years
  • Certificate of Eligibility and DD-214 or Statement of Service, if applying for a VA loan
  • Bankruptcy or property short-sale/foreclosure information
  • A copy of the settlement statement if you sold a property in the last three months
  • Child support payment info, copy of divorce decree and/or separation agreement, if applicable
  • A copy of the signed real estate contract, if you’ve already made an offer on a home
  • Resident alien card, front and back, if applicable

Additional refinancing documents

For Refinancing Your Home, Some Additional Information May Be Needed: 

  • Current mortgage statement for property you want to refinance
  • Current second mortgage or equity line statement for property you want to refinance
  • The estimated value of your home
  • Recent annual Homeowners insurance policy statement for the property you want to refinance

*How quickly should you get this documentation?

You should strive to get this documentation to us in less than 24 hours. This will allow us the time needed to comb through the documents and prepare for your loan consultation. Delays in getting us these documents will also cause delays during the process and can cause you to close late. 

What if you can’t get the documentation before your appointment?

If you can’t get the documentation requested before your appointment, please give us a call. While we may still do the consultation with you, it may require a follow-up appointment. To save both yourself and your lender time, notify your Summit loan officer before your appointment of what documents you cannot obtain. 

Is this everything you’ll need?

While this will make up the bulk of the documentation you need to submit, we will likely ask for more items. Generally, the underwriter will issue an approval with conditions. These conditions may be requests for more documentation to issue final approval. Making these requests a priority will ensure your loan does not get delayed. 

Have questions about documentation?  Click here and speak with one of our local mortgage consultants today. 

* Pursuant to Federal law, a lender shall not require a borrower to provide such documentation prior to issuing a Loan Estimate. However, you may voluntarily provide documentation to us for consideration. Your loan officer can provide you with a list of documents that are helpful to a lender when pre-qualifying a borrower.