What Documents Do You Need To Gather For Your Mortgage?

eric1

Use this helpful checklist to assist you in gathering your documentation. It is important to have this done prior to applying for your loan.

INCOME DOCUMENTATION

• Salaried employees to provide copy of 1 complete month of most recent pay stubs and last 2 years of W-2’s.
• Self-employed to provide copy of last 2 years signed tax returns (include all schedules) and the current year’s profit and loss statement, if possible.
• Retired and/or receiving pension to provide copy of social security awards letter and/or pension benefit awards letter.
• If you are claiming rental income provide copy of current lease(s) and “schedule E” of your past 2 years returns.

ASSET DOCUMENTATION:

• Copies of 2 most recent months bank statements from checking and savings accounts (all pages).
• Copies of 2 most recent months of investment/brokerage account statements.
• Copies of last quarter’s statements for all stock, bonds, mutual fund, IRA, and 401(k) accounts.

OTHER DOCUMENTATION:

• Copy of contract if purchase or recorded deed for property if refinance.
• Copy of last mortgage statement on all mortgages and second loans.
• Copy of divorce decree & judgment if previously married.
• Copy of bankruptcy court discharge papers, if applicable.
• Copy of homeowner’s insurance declaration page 7 days prior to closing.
• Photocopy of your drivers’ license.
• Title insurance forms (schedule A & B only) if refinance.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 454 6.41 Dollars($)

Hi Eric,

First time i seen this subject on this forum.

I not known that which document must have to gather for mortgage before that,But i understand about required documents for mortgage.

Is unemployed person can get mortgage ?

Thanks for giving important knowledge on this forum to improve our knowledge level.

Thanks & Regards.

gunz.ijjistaff.

smithsara302 · Joined: 12 Jun 2009 Posts: 116 -0.18 Dollars($)

how unemployed person will get mortgage?
Employment is required as per my understanding

smithsara302 · Joined: 12 Jun 2009 Posts: 116 -0.18 Dollars($)

Bye the way its good that Eric wrote something which is very useful in terms of mortgage.

I think its better idea that write a blog in forum, that will give more and more information and knowledge sharing among members and outside world.

Thanks Eric for providing such nformation. we should write such things which will helpful for forum.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 454 6.41 Dollars($)

Hi smithsara302,

Thanks for reply.

Can any one explain in detail.

Waiting for Eric,George,Smith, reply.

Thanks & Regard.

gunz.ijjistaff

gunzijjistaff · Joined: 07 Apr 2009 Posts: 454 6.41 Dollars($)

Smithsara, are you Online there ? Very Happy

eric1 · Posted: Sun Jun 21, 2009 5:59 am Post subject:

gunz

No, unemployed people cannot get a loan these days unless you have someone co-sign. THAT person would need to be employed and his/her income would need to be sufficient to carry your debt and theirs.

18 months ago, your unemployed scenario would have worked with a few select banks, but not anymore.

gmakerley · Posted: Wed Jun 24, 2009 7:08 am Post subject:

i don't disagree with your answer about the unemployed, eric; but i think gunz was inquiring about someone who'd be a primary borrower. i doubt we'd see too many lenders opting for a primary borrower being unemployed. inasmuch as there are plentiful numbers of joint borrowers where one is not employed, that's not at issue, but i am certain we, for example, wouldn't accept a co-signer for an unemployed individual.

one thing i noted on your list that i think we'd change: i never ask my borrowers for a photocopy of a driver's license. instead, i will blow it up to 150% on my copy machine and lighten it as much as possible. those things translate very, very poorly when faxed back and forth. we're also getting social security cards copied all the time too.

if i think of other items that you may not have mentioned, i'll add them later.

eric1 · Posted: Sun Jul 05, 2009 5:14 pm Post subject:

Thanks George !!

aksingh2007 · Joined: 22 Jul 2009 Posts: 15 6.13 Dollars($)

thankyou for the information

can an unemployed person get mortgage

gmakerley · Posted: Mon Jul 27, 2009 8:04 am Post subject:

aksingh please read the above posts which are clear about the chances of someone who is unemployed obtaining a mortgage.

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.90 Dollars($)

Is it possible for the lender to require proof of income etc at renewal of a mortgage (when a fixed rate term expires and the loan is refixed for example) or does this only happen if you want to increase the amount of your borrowings?

I'm always a little bemused that lenders don't seem to have the right to request proof of income etc mid way through a mortgage term. While In realise that it doesn't really matter as long as you don't start missing payments, I've always found it odd that a lender will commit to a loan of 20+ years based on one off information which is often not checked or updated for years.

jerry · Posted: Thu Oct 22, 2009 4:29 am Post subject:

Hi thewretched,

Lenders do not require borrowers to provide proof of income when a variable mortgage recasts i.e. when the initial fixed rate term expires. They do not need borrowers to show proof of income midway though the mortgage term.

Lenders do not think it necessary to check or update the borrowers' income in the middle of the loan term, because it hardly makes sense to them. The mortgage agreement has already been signed at the closing and the funds have been disbursed, there is no way the lender can back out of the agreement even though the income of the borrower may have changed. Moreover, as long as the payments are being made on time, the lender does not need to be bothered about the borrower's income. In case the borrower defaults on the mortgage, the lender always have the right to foreclose on the collateral.

Thanks,

Jerry

gmakerley · Posted: Sat Oct 24, 2009 6:18 am Post subject:

wretched, i think lenders are happy not to have to update files after the fact. in addition, since origination, processing and underwriting are not "after-the-fact" in the industry, servicing people aren't going to have sufficient expertise in doing a proper analysis (for the most part). i don't want to say everyone in servicing is incapable, after all.

it's counter-productive to continue to request documentation, i think.

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