Right Key Mortgage wants to make your mortgage experience as smooth as possible. Gathering documents is a necessary part of the mortgage process. Here’s why:
Your financial documents show how much you earn, your monthly debts and your account balances; this helps determine how much you can afford to pay on a mortgage
Various regulations require you to read and sign documents that explain fees, interest rates and other aspects of your loan
When you apply for a loan, it’s very important for you to gather all of the documents you’ll need. We will give you a list of necessary documents specific to your situation.
To help you prepare for this, read through this sample list below. But remember, this is just an example. We may ask you for more (or less) depending on your specific financial situation.
– Name, date of birth and Social Security number for each borrower
– Addresses of where you have lived for the past two years (also names and addresses of your landlords if you are renting)
-Employer names and addresses for the past two years and length of time for each job.
– Most recent pay stubs (30 days)
– Last two years' W-2 forms (1099s if applicable).
– Last two years' federal tax returns (with all schedules) if any income earned is based on commissions or bonuses.
– Two years' federal tax returns (with all schedules) including income earned from commissions or bonuses
– If you are self-employed, two years' personal and business tax returns and year-to-date profit and loss statement with balance sheet
-Proof of other income such as alimony,* child support,* VA benefits and Social Security
– Rental income: copy of lease(s) and last two years' tax returns with Schedule E
– Last two months' complete bank, credit union, or brokerage statements for checking, savings, CDs, IRAs, 401(k)s, or any other asset accounts (send us — ALL pages of these statements, even if the pages are blank)
– Make, model, year, and value of automobile(s), boat, cash value of life insurance, marketable securities and any other assets
– Names, account numbers, current balances, and monthly payments on all outstanding loans and active revolving charge accounts (credit cards, gas cards, etc.)
– Alimony or child support you pay (if applicable)
– Copy of divorce decree and/or separation agreement (if applicable)
– Name, address of lender, and account number on all property you own
Bankruptcy and/or Adverse Credit
– Bankruptcy discharge and all schedules.
– Information on any other adverse credit (judgments, collections, liens, etc.)
– There may be additional documents required.
This checklist can help keep you organized. Call Right Key Mortgage today to apply for a home loan and get started.
*You are not required to list alimony, child support or separate maintenance if you don’t want it to be included as income in determining the loan amount that you can afford.