Don’t Miss a Step With Our Mortgage Checklist
If you find yourself applying for a mortgage, you will quickly discover there is quite a bit of information that is requested by your lender. Whether this is your first mortgage application or if you’re pretty familiar with the process, it’s important to know the specifics of what is needed. While every application scenario is different, there are two points in your home-buying journey when paperwork is key to staying on your timeline.
Verification of Income
One key bit of information that is always requested when applying for a mortgage is how much you earn. To get a full picture of how much home you can afford, your lender will request your income verification. To do this, lenders will commonly ask for your pay stubs from the previous 30 days and 2 years of W2’s and tax returns. While it may seem like a lot, thorough income verification can give your lender the most accurate information for your pre-approval.
Verification of Assets
When navigating through the mortgage process, the next set of information commonly requested is about your assets. This would include your checking, savings, and retirement accounts. A helpful tip in gathering this information is to write down all of the accounts that are solely yours or joint with another account holder and gather the last 2 months of statements.
The mortgage application process can seem like a lot of information, and the information needed can often appear overwhelming. We want you to spend more time enjoying the journey and less time worrying so our handy Mortgage Checklist is a great free tool to ensure you don’t miss a step. This helpful checklist can guide you in gathering the information that is needed for your application. And as always, our local mortgage team is here to help answer any of your mortgage-related questions.