Mortgage Document Checklist

The following checklist will help you ensure you have all of the documents you need throughout the mortgage process for fast approval and underwriting.

All borrowers will need:

Paystubs for the last 1 month
W-2s for the last 2 years
Copies of savings and checking account statements for the last 2 months
Copies of semi-annual statements for savings, checking, CDs, IRAs, money market, stock, 401k and profit sharing accounts
Passport

Signed purchase agreement
Employment history for the last 2 years
Previous addresses for the last 2 years
Landlord name, address, and phone number
Credit card or check for appraisal fee
Copy of driver's license
Copy of Social Security card

Self-employed borrowers will need:

Copies of last 2 tax returns with all schedules
Copy of partnership or corporate tax returns for 2 years if the applicant owns 25% or more of the company

You may also need:

Relocation Agreement if your move is financed by an employer
Petition for bankruptcy and discharge

Divorce decree
Child support documentation
DD-214 discharge document

Why are the balances on my accounts incorrect?

The balances on your credit report are reported to the credit bureau once a month, usually at the end of your billing cycle, so they usually do not reflect your current balance.

Will a loan I have co-signed for appear on my credit file?

When you co-sign a loan, it will appear on your credit report because you have accepted responsibility if the primary borrower defaults. For loan qualification purposes, the co-signed loan can be overlooked if you show proof that the primary borrower has made payments on time for the last year and is current on the loan.

Why do accounts show up on my file if my divorce decree says I am no longer liable?

A divorce decree will not override the contract with the creditor. If the loan was jointly held, you are still not released from legal liability to the creditor. You will need to seek a binding release of the obligation from your creditor. These loans can be overlooked for loan qualification purposes if you provide a copy of the divorce decree and show the other party makes the payments and is current on the account.

Why does a "paid" judgment show up as "not satisfied?"

A judgment must have a "Notice of Satisfaction" filed by the plaintiff to show as "satisfied" on your credit report. If this notice has been filed, forward proof to the credit bureau.

How long can negative information remain on my credit report?

Most negative information must drop off your credit report 7 years after the date of the original occurrence, except Chapter 11 and Chapter 7 bankruptcy, which remain for 10 years.

What is a credit score?

A credit score is a mathematical calculation assessing a borrower's risk based on information on their credit report. There are many different credit scores, each developed by a different company or credit bureau, but most range from 450 to 850 points. The higher the score, the better the consumer's risk.

What information is used to calculate a credit score?

A credit score is based on information on a credit report, including the frequency of late payments, how recent late payments are, collection accounts, foreclosures, judgments, credit utilization, types of accounts, amount of debt outstanding, available credit, length of credit history and more.

How can I increase my credit score?

There are many ways to improve your credit score, including:

Having incorrect information removed from an account.
Making payments on time.
Paying down account balances.

Keeping account credit utilization low.
Increasing limits on credit accounts.
Maintaining a good mix of credit types.
Limiting credit inquiries.

Contact Us today!

About us

Most of our business comes from referrals and we believe in building trust with our clients. Our mission is to give you the information that will help you make the best decision for YOU. We pride ourselves in delivering ethical and professional counsel, and that is why each year we continue to grow, helping home buyers get the best loan terms available.

Summit Funding Registered Mortgage Broker (NMLS #52081) New York State Department of Financial Services 7030 137 Street, Flushing, NY 11367
Summit Funding Licensed Correspondent Mortgage Lender (NMLS #301151) New Jersey Department of Banking and Insurance 100 Challenger Road #402, Ridgefield Park, NJ 07660
Summit Funding Inc, Your Mortgage Professionals Licensed Mortgage Broker (NMLS #84943) State of Connecticut Department of Banking 7030 137 Street, Flushing, NY 11367
Summit Funding, Your Mortgage Professionals, Inc. Licensed Mortgage Broker (NMLS #84943) Florida Office of Financial Regulation 7030 137 Street, Flushing, NY 11367