Applying for a mortgage can be a stressful and complicated process. To alleviate some of this stress, it is important to know what documents will be needed when applying. Most mortgage companies will ask for basic paperwork and documentation. This will include the application form, a sales contract between the buyer and seller and the applicants social security card. Potential buyers will also need to present W2 forms for the previous 2 years and a recent pay-stub for proof of income. Buyers will need the last three bank statements, showing balances.
If you have other income, such as child support, this will need to be presented as well. Applicants will need proof of their current address. A simple piece of mail will suffice. The mortgage company will also ask for a complete list of all residences for the past 2 years. This will include the names and addresses of landlords if the applicant was renting. Applicants will also need to provide documents regarding employment for the past 2 years.
Having these documents organized and accessible will make the application process go much smoother. There is a lot of paperwork involved in the application process. Having your documents on hand will be a great help.
