Documents Needed for a Mortgage

It is easy to feel a bit overwhelmed by the number of documents you need to get approved for a mortgage. Fortunately, knowing the documentation you need ahead of time can help you get prepared, whether you are buying a home or refinancing a mortgage. Summit Funding will work with you and your lender to make the application process as easy as it can be.

Throughout the loan process, you will need to provide many types of documents to your lender such as information about your bank account, employment history, credit history, and more which is used to assess your risk as a borrower.

Mortgage Lender Requirements

Once you are approved for a mortgage, an underwriter reviews the details of your application for a final inspection, carefully reviewing the documents you provide against the loan criteria. The underwriter will check that you can comfortably afford the loan and have the willingness to repay it. Each lender has its own underwriting guidelines which also vary by loan type.

While the guidelines will be different depending on your lender and loan, all lenders are required to review your financial and income information. You can expect to provide the following documentation.

Proof of Income

Pay stubs
W-2 statements for the last 2 years

Tax returns for the last 2 years

Proof of Assets

Documentation on insurance equity, bonds and stocks
Gift letter to explain gift money from a family member is not a loan, when applicable

Debts

Car loan statements
Documentation of a current home loan or home equity loan

Statements for lines of credit
Statements for consumer debts such as credit cards

Personal History Documentation

12 months of cancelled checks for utility bills or rent to establish residence
Check or credit for electronic appraisal
Social Security number

Diploma or transcript if you have been a student in the last 24 months
Home addresses for the last 2 years

Property Documentation

Final purchase agreement, or plans and specs for a new construction loan
Legal description of the property provided by the real estate agent
CD statement and executed contract of sale if you are selling your property

Additional Documents

Depending on your situation, you may be required to provide other documents such as:

VA discharge paperwork (DD 214)
Divorce decree
Petition for bankruptcy and discharge
1099 tax form

Documents to support income from Social Security or retirement trust
Documentation showing self-employment income
Child support documentation

Contact Summit Funding for more information on the documents you will need for a home loan.

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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