3-Point Checklist on What You Need When Applying for A Mortgage

Applying for a mortgage is a big and exciting step toward getting a new home, but are you ready? There are specific things you need for the application. Take a look at this handy three-point checklist to get you on your way.

1: Income Information and Verification

You’ll need to have proof of income to qualify for a mortgage loan. Verification can include the following:

• W-2: You’ll need W-2s from the past two years of employment. This can be from a current and previous employer.
• Pay stubs: Whether you have paper copies or, more likely, electronic versions, you will need to provide pay stubs to prove your most recent income. Most lenders require the from the last 30 days. 
• Tax returns: The last two the three years of tax returns will help your lender verify your income and deductions.
• 1099: If you’re self-employed or earn additional income as an independent contractor or freelancer, you can provide a 1099 to prove that income to help you obtain the loan.
• Other income: If you get child support or spousal support, it’s important to include this with your application.

2: Assets

Your assets will help your lender determine if you are financially sound enough for a mortgage loan. Asset verification can include statements from:

• Bank accounts
• Retirement funds
• Investment accounts

3: Other Documents and Information

In addition to proof of your income and assets, your mortgage lender will ask for approval to run your credit report. They may also ask for documentation related to rent payments, divorce, bankruptcy, and foreclosures if any of those apply to you.

The more prepared you are when applying for a mortgage, the smoother the process. When you’re ready to get the ball rolling, the loan experts at Midland Mortgage Corporation can help you every step of the way. Contact them today for help finding the perfect loan.

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