When you apply for a mortgage, your lender will require you to provide various paperwork to verify your finances. Here is a list of common things you’ll be asked to provide.
- Pay stubs for the past 2-3 months.
- Tax returns and W-2 forms for the past two years.
- Proof of any other income sources and copies of recent bank statements.
- If you’re self employed, you will have to submit a profit and loss statement for at least one full year.
- Detailed information on any long-term debt as well as a detailed list of your assets.
- The address and legal description of the property you intend to purchase as well as a signed copy of the sales contract.
- If you receive any cash gifts that you plan to use for your down payment, the giver must provide a letter stating that the cash is a gift and not a loan.
Your lender will also order a report on your credit history and a professional appraisal of the property you plan to purchase. Expect the entire mortgage application process to take between 4 and 6 weeks.