When you’re ready to start looking for a home, or you’ve already decided on the home you want to buy, you will need to step back for a moment and gather the information for your lender to actually approve your mortgage application. Whether it’s your first home, your next home or investment property, you will need to supply at least this information. In some cases, your lender may ask for additional information. In our competitive marketplace today, you’ll want to keep the process of application approval moving forward so the best thing you can do is be prepared.
Here is a checklist of the documents you may need when applying for a mortgage.
- 30 days of current paystubs
- Last 2 years of W-2s
- Last 2 years of 1099s
- Last 2 years of personal tax returns
- If self-employed, the most recent 2 years of signed Federal tax returns
- Most recent bank statement(s) for all checking and savings accounts
- Most recent bank statements for all other cash asset accounts (401k, IRA, pension, etc.)
- List of credit bills with name of company, balance owed, minimum monthly payment
- Copy of photo identification (driver’s license, state-issued ID, passport, etc.)
These are documents that confirm the information you provided on the application. In other words, because of your history and current situation, you can show that you are creditworthy. These documents will show your lender that you have the ability to make your monthly mortgage loan payments.
At first blush, you might think this is a lot of information to gather. And if you haven’t organized your files lately, it might take you a little time. Be patient. This is typical information every financial institution will request when applying for a mortgage. Most likely you will need this type of information for the majority of loans you apply for in your future. The good news is it will allow you to collect this information and organize it so it’s available to you easily going forward. In many cases, you can scan and save these documents to a file for future use.
When you are ready to apply for a home, make sure you are prepared with the necessary documents to expedite your mortgage approval. Call us at 269.679.5291 or visit us online at https://kcsbank.com/mortgages/.
Loans are subject to credit review and approval. Kalamazoo County State Bank is an Equal Housing Lender.