If you’re like most people, you’ll be financing the purchase of your new home. Working with a mortgage broker or your bank’s loan officer will help you determine your budget and get preapproved for your home loan. In order to avoid delays and multiple meetings, it’s best to be prepared in advance of your meeting.

So what documents do you need to get a mortgage preapproval?

Proof of Identity and Address for Mortgage Preapproval

When you meet with your broker, be sure you have valid, government-issued photo identification with you. You’ll also need your Social Security number, your full legal name and your date of birth. Be prepared to provide your current address and any former addresses dating back two years.

Give Your Lender Income Verification and Tax Information

In order to get a mortgage, you’ll need detailed financial information. This includes source of funds documentation for any large cash deposits. Since you’re most likely saving for your down payment, be sure you have a paper trail for the cash you’re depositing in anticipation of closing on a new home.

Documents you’ll need include, but may not be limited to:

  • Most recent statements for all asset accounts (banking, retirement and any other investments)
  • Sources and amounts for all income streams
  • Employer information for the past 2 years
  • Pay stubs for the past 30 days
  • W-2 forms for the past 2 years
  • Full federal tax returns for the last 2 years

Other Financial Circumstances

Everyone’s situation is unique; and your loan officer will tell you what exact documents you need to get your mortgage. Depending on your financial status, you may need to provide:

  • Divorce decree
  • Bankruptcy discharge documents
  • Unresolved credit dispute paperwork

Additionally, if you’re self-employed, you may need to provide additional information. This may include two to five years’ worth of business tax returns (in addition to your personal returns), a list of your business debts, and a current balance sheet.

Are You Buying a Home in Tramonto?

Call us at 602-332-6188 or contact us online to tell us what you want from your next home. We’ll begin searching right away.

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