Frequently Asked Mortgage Questions Part 3

Sunday, July 28, 2013 - Article by: John Moran - Simplify Mortgage -

This is the third installment in an ongoing series on mortgage basics. On my mortgage website, I cover a host of topics on my frequently asked questions page. Since this is the most popular page on my site, I thought it might be a nice way to begin my blog. You can find the entire list of FAQs here: Arizona Mortgage Pro FAQs. I will continue this series covering one topic per post.

What documents will I need to provide to get a home loan?

Some loans will require more or less documentation than this, but these documents will suffice for many loans:

Employed borrowers:

Two most recent years of W-2 forms
Most recent 30 days of paystubs
Current mortgage statement (if refinance)
Purchase contract and copy of earnest money check (if purchase)
Two months statements for any asset accounts (checking, savings, 401k, IRA, etc.)
Homeowner's Insurance agent's name and number
Copy of driver's license

Self-employed borrowers:

Two most recent years of tax returns, personal and business (all pages)
Year-to-date profit and loss statement
Current mortgage statement (if refinance)
Purchase contract and copy of earnest money check (if purchase)
Two months statements for any asset accounts (checking, savings, 401k, IRA, etc.)
Homeowner's Insurance agent's name and number
Copy of driver's license

These documents will differ in certain situations and the underwriter (the person who approves a loan) may require additional documentation, but this is a general guideline for what will be required. If any of the terminology is unclear or you have any specific questions, please do not hesitate to email, chat or call me.