8 Key Documents You Need to Apply for a Mortgage

Purchasing a home is a big deal! If you’re ready to take that step this year, it’s a great idea to prepare for your loan application. Take a look at eight key documents you’ll need when you apply for a mortgage.

1. W2s – you’ll need income verification from your current employer and any past employers from the last two years
2. Pay stubs – in addition to your W2s, you’ll need to provide pay stubs from at least the last 30 days
3. Tax returns – your lender will want verification that you paid your taxes and the income you reported to the IRS and will require tax returns from the last three years
4. 1099s – if you or your spouse or partner are self-employed, your lender will want copies of your 1099 as well as any profit and loss statements
5. Spousal or child support – you’ll need to provide proof of payments or receipts of spousal or child support
6. Bank statements – several months of bank statements will provide proof of income as well as showing savings balances
7. Investment accounts – a lender will consider any investment account balances when determining if you qualify for a mortgage and will ask for several months of statements from investments and retirement accounts
8. Credit report – though you won’t have to provide the actual document, you will need to authorize your lender to access your credit report

While this seems like a lot to gather, it should be easy to find everything you need to complete a mortgage application, once you get started. For the best service and years of experience in the South Carolina market, let the professionals at Midland Mortgage Corporation help you in purchasing a home this year.

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