Get Ready: It’s time to collect your loan documents.

Doc-Checklist-Paid-ForLet’s chat about “documentation” requirements.  Providing documentation is going to be necessary when obtaining any type of a mortgage loan.  You will be given an initial list of items needed, however if you can wrap your head around the idea that there may be more information/documentation needed, and it might be something unexpected your loan experience will become easier.  I would start working on the minimum customary items before you speak with a lender, this will put you one step ahead.  Items to start collecting:

  • A copy of your driver’s license, potentially a second piece of identification may be needed
  • Depending on your employment status; a copy of your employment contract and/or most recent pay stubs for 1 month
  • W2’s for the most recent 2 years
  • Most recent 2 years complete federal income tax returns, all schedules.  If you receive any Schedule E income you will need business returns, including K1’s.  Now, tax returns may not always be required but I would be prepared
  • Most recent complete bank statements for 2 months.  If your bank statement indicates you have 5 pages, you will need all 5 pages (checking/savings, retirement/investment statements)
  • Lenders are interested in where you have worked or attended college and where you have lived for the most recent 2 years.  It will be helpful to have those specific dates available
  • If you currently own any real estate the lender will need a copy of your homeowner’s insurance, mortgage statement, evidence of property taxes paid annually, and association dues paid (if applicable)

Again, this is a customary laundry list, and it’s helpful to receive as much of the laundry as possible!  Being a partner with your lender will ensure that you are both on track and on the same page.


*Doctorloanprograms contributor.

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