Mortgage Basics
Application Checklist
A mortgage application checklist is a comprehensive list of documents and information you'll need to gather when applying for a home loan. Being prepared with the correct documentation can streamline the mortgage application process, making it smoother and potentially faster. Here's a detailed checklist to help you prepare:
Personal Information
Valid government-issued photo ID (e.g., driver’s license or passport).
Social Security number.
Personal Information
Recent pay stubs (last 30 days) to prove current income.
W-2 forms from the past two years.
Federal tax returns (Form 1040) from the past two years, if self-employed or to provide additional income information.
Proof of any additional income sources (e.g., bonuses, alimony, child support) – documentation required may vary.
Income Verification
Recent pay stubs (last 30 days) to prove current income.
W-2 forms from the past two years.
Federal tax returns (Form 1040) from the past two years, if self-employed or to provide additional income information.
Proof of any additional income sources (e.g., bonuses, alimony, child support) – documentation required may vary.
Employment Verification
Employer's name, address, and phone number.
Proof of employment stability or history for the past two years.
Asset Verification
Bank statements from the last two to three months for checking accounts, savings accounts, and any investment accounts.
Retirement account statements.
Documentation of real estate or other significant assets owned.
Debts and Liabilities
List of all current debts, including credit card debt, car loans, student loans, and other obligations.
Recent statements or account numbers for each debt.
Monthly payment amounts and balances owed.
Property Information
The address of the property you plan to purchase (if available).
A signed purchase agreement (once an offer is accepted).
Property listing details (if available).
Credit Information
It’s a good idea to review your credit report in advance for accuracy.
Down Payment
Proof of down payment and where the funds originated (e.g., savings account, gift letter if the money is a gift from a family member).
Additional Documents for Specific Situations
Divorce decree, if applicable, to verify alimony or child support payments.
Proof of continuous residence or work history for non-U.S. citizens.
Bankruptcy discharge paperwork, if applicable.
Flood insurance, if the property is in a flood zone.
For Self-Employed or Non-Q2 Earners
Profit and loss statements.
Business tax returns for the past two years.
Business license or evidence of business insurance.
If you have questions on this checklist or how to get started, let's chat!
For information purposes only. This is not a commitment to lend or extend credit.
Information and/or dates are subject to change without notice. All loans subject to credit approval.
CA Department of Real Estate #01505999
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