The application used to apply for a mortgage is a standardized form called a Uniform Residential Loan Application. In the mortgage industry, it is more commonly called a "1003", in reference to the official Federal National Mortgage Association (FNMA) form number.
Note: While your lender has the greatest role in how fast your loan application is processed, you can help to speed up its approval.
The following list covers most of the documentation that you will need to provide your lender. Each lender has their specific information requirements, so you should ask your lender what they will need. However, much of this information can be collected ahead of time and by planning ahead you can help to get your application moving more quickly through the process.
Basic Documents You Will Need To Apply For A Mortgage.
1) Purchase Agreement
If you have already completed a purchase agreement on a home, you will need an original signed copy, and any changes to it, a copy of the property listing form and the legal description of property. Receipts for earnest money or down payment deposits may also be required.
Because we recommend you get your formal mortgage pre-approval before looking at property, this is one item which your will not need initially to apply for your mortgage. However, your mortgage pre-approval will identify this as a condition of receiving your mortgage commitment.
2) Social Security Number and Date of Birth
Social security numbers and birth dates for all borrowers.
The most recent pay stubs for each borrower, covering at least one month and preferably three full months of employment or a letter of employment if you are just starting a new job.
4) W-2/1040 Forms
W-2 and 1040 tax forms for the past two years for each borrower (these should be the original W-2 forms provided by your employers and included with your tax returns, and a copy of the original returns).
5) Bank Account Statements
You will need the account number and current balance of your checking account, savings account plus any other bank accounts you have. You will also need all bank and brokerage account statements for the past three months.
6) Credit Card Statements
Most recent statements for all of your credit card accounts, if any.
7) Debts and Liabilities
For each loan, you will need the name, account number, and address of each creditor including both the monthly payment and total amount due (preferably the last statement). Liabilities include student loans, car loans, credit cards, and other installment debt.
8) Mortgage or Rental history
Evidence of your 12 months of mortgage or rental payments, such as monthly statements or 12 months of cancelled checks (front and back). Copies of any current mortgage agreements (promissory notes and trust deeds) or land contracts. If you rent, you will need the property address, name and address of the landlord, the current monthly rent, and previous address/landlords.
9) Rental Properties
Addresses, mortgage information (lender, account number, balances) and rental agreements for any rental property that you own.
The names, addresses, and phone numbers of your employers for at least the past two years.
11) Asset Statements
Current balances of Individual Retirement Accounts (IRAs), 401(K)s, certificates of deposit, stocks, and bonds with last statement for each.
12) Personal Property
Value of personal property, including face value of life insurance policies, employee retirement accounts, cars, furnishings, collections, and other valuable property or household items. If less than five years old, some lenders may require a copy of the title of any cars you own.
13) Current and Previous Addresses
If you currently own a home you will need the address, estimated market value, lender name, account number, current monthly loan payment (principal, interest, taxes and insurance), and outstanding balances.
Many lenders and brokers will require some applicants to supply additional information. Check the list below to see if any of these circumstances apply to you.
1) Bankruptcy, foreclosure, or any judgments?
Information on bankruptcies should include a copy of the bankruptcy discharge and schedule of both debts and assets. Judgments against you should include an attorney's letter that discusses the outcome of the proceedings. At the very least, you will need a personal Letter of Explanation (LOE).
2) Self-employed or work on a commissioned basis?
If so, you will need the following:
Copies of your federal tax returns (completed 1040 Forms) from the last two years (including W-2s, 1099s, K-1s and all schedules).
Current year-to-date profit/loss statement and balance sheet.
Bank statements from the previous 24 months, clearly verifying income from your business.
3) Pension, disability, social security, or any form of public assistance income?
You will need award letters or benefit statements (Form SSA-1099) from the Social Security Administration verifying current amounts of any supplemental security income (SSI).
4) Separated or divorced?
You will need a copy of your divorce decree and separation agreement, plus documentation on any alimony or child support payments you are required to make. If you're receiving alimony or child support and want it to be considered as income, you'll need proof of this income.
5) Transferred into the area?
Lenders may require a relocation agreement to document your change of residence.
6) Applying for a Department of Veterans Affairs (VA) Loan?
You will need your discharge papers (Form DD214) or your Certificate of Eligibility and also a photo ID card (such as a driver's license) and your Social Security card
7) Applying for a Federal Housing Administration (FHA) Loan?
You will need a photo ID card (such as a driver's license) and your Social Security card.
Be sure to respond promptly to your lender's requests for information while your loan is being processed. It is also a good idea to call the lender from time to time. By calling occasionally, you can check on:
the status of your application, and offer to help contact others such as employers who may need to provide documents or other information for your loan
and, check on the movement of interest rates so you can determine with your lender if and when you might considering "locking in" your mortgage interest rate.
We also recommend keeping notes on your discussions with the lender so that you will have a historical record of your conversations.