Mortgage Document Checklist

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
 Documentation Checklist

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
Getting Approved

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.

Credit Score

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.

Closing a Loan

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.
increase my credit score

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