Organize Your Home Mortgage Loan Paperwork
Gathering the paperwork you’ll need for the application process can be a
tedious job. Just the thought of digging through filing cabinets to find last year’s W2
seems like something better left for tomorrow.
But imagine that you’ve found the perfect home, you’re ready to apply for a loan
and when the lender asks for that W2 and you can’t find it. Maybe you filed it in the
wrong place, or maybe your accountant forgot to return it to you or worse yet, maybe you lost
it. You eventually accept that you’re not going to find it. Now what? You have to track
down a copy. All the while your application is on hold and with each day that passes, someone
else could be bidding on your home. Let’s make sure this doesn’t happen.
Use this checklist to organize your paperwork before you find a home. It may be a boring task
today, but it’s better than a stressful ordeal tomorrow.
- W2 earning statements or 1099 DIV income statements for the last two years
- Federal tax returns for the last two years
- Bank statements for the last few months – showing a balance greater than or equal to the amount you’ll need for the down payment.
- Recent paycheck stubs
- Proof of other income, such as tips, Social Security payments, etc.
- Proof of investment income
You may be asked for additional documentation, but having these documents will surely speed
up your application. Of course, the best way to avoid any delays during the application process
is to get preapproved. You’ll still need to gather these documents for the preapproval
process, so set aside a couple of hours and get it over with – you’ll be glad you did.