Mortgage Basics

Application Checklist

Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.

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Application Checklist Graphic

Your Property

   Purchase:
  • Copy of signed sales contract including all addendums
  • Verification of the deposit you placed on the home after it clears your bank 
   Refinance:
  • Current Mortgage Statement for all mortgages on property
  • Copy of your homeowners insurance declaration page

Your Income
  • Copies of your pay-stubs for the most recent 30-day period
  • Copies of your W-2 forms for the past two years
  • If you have Overtime, bonus or commission income, your last pay-stub for the year associated with your W2's is helpful.
  • Employer start and end dates for the past 2 years
  • Work visa or green card (copy front & back) if applicable
  • Valid Photo ID  (Drivers License is fine)

If self-employed, interest/dividends, or rental income:

  • Federal tax returns for the last two years PLUS year-to-date Profit and Loss statement (please provide complete tax return including attached schedules and statements. If you have filed an extension, please supply a copy of the extension.)
  • K-1's for all partnerships and S-Corporations for the last two years (please double-check your return. Most K-1's are not attached to the 1040.)
  • Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)

If you will use Alimony or Child Support to qualify:

  • Provide divorce decree/court order stating the amount along with proof it's been received for the past 2 months.

If you receive Social Security income, Disability or VA benefits:

  • Provide award letter from agency or organization

Source of Funds and Down Payment

  • Sale of your existing home - provide a copy of your signed Closing Disclosure
  • Savings, checking or money market funds - provide copies of bank statements for the last 2 months  (All pages)
  • Gifts - If part of your cash to close, provide Gift Letter (request from us) and proof of receipt of funds
  • Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation

Debt or Obligations

  • If you own other properties, a current mortgage statement is needed for each property.  If you do not escrow for taxes and insurance, the insurance declaration page and tax receipts will be needed.
  • If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation