// // // // // ULTIMATE Mortgage Approval Checklist - Get A Rate // // // // //
May 2015

ULTIMATE Mortgage Approval Checklist


So.  You’ve thought long and hard about purchasing your first home – Overwhelmed?  (Pretty much…)

No worries – no seriously!  Here are a few things you should bring when meeting with your lender to apply for a mortgage approval.

Mortgage Pre-Approval: Why You Need One

If there’s one thing that will save you time and heartache during the house hunt – this is it: A Mortgage Pre-Approval

A mortgage pre-approval letter is needed when you’re shopping around for homes and want to be considered a serious buyer.  It lets the real estate agent know your credit history, income and down payment reserves have been reviewed by a lender’s Underwriter that you will be able to obtain a loan up to a specific amount.  

This golden ticket will show the sellers of your dream home you mean business and all you need is just the initial 3 buckets of document items below (IdentificationIncome Documents and Proof of Funds) to get a pre-approval.

Check out our homebuying process to learn more about the 7 easy steps to purchasing a home.

Mortgage Approval Checklist: What You Need To Buy A Home

Everything’s easier when you group and categorize information together.  So now that you’ve found your home and signed the contract, here are the main documents you need to apply for a mortgage approval:

Identification(Need Copies of 2)

  • Driver’s License
  • Social Security Card
  • Passport

Income Documents (Copies of Most Recent)

  • 2 Paystubs
  • 2 Years of W2’s
  • 2 Years of Tax Returns

Proof Of Funds (Copies of Most Recent)

  • 2 months of Bank Statements
  • All current IRA Statements, Stock & Bond Statements or any other retirement or investment accounts
  • Any Lease Agreement for a rental property
  • Any Student Loan Deferment Letter or Agreement
img 64 Get A Rate Free Rate Quote

Self Employed Documents (Copies of Most Recent)

  • 2 Years of Business Tax Returns
  • 2 Years of 1099’s
  • Business License or CPA Letter

Additional Documents Needed

  • If you’re divorced – Final Divorce Decree Copy
  • If you’ve filed bankruptcy – Complete Bankruptcy Paperwork
  • If you’ve don’t have a credit history – Proof of regular rental or housing payments

And last but not least…

Explanation Letters

  • Credit Inquires
  • Derogatory Credit
  • Gift Letter
  • Source of Unusual Deposits
  • Evidence of Source of Deposit
img 40 Get My Checklist

There you have it – not too bad, right?  Start your Approval application off on the right foot and bring the following documents and/or any other documents your Home Loan Expert requests in a timely matter.  This will ensure a smoother and quicker process to get approved for your new home loan.

Get a FREE rate quote in 30 seconds or speak with a Home Loan Expert today at 888-562-2611.

img 65 Need To Get Pre Approved Get A Rate

Was this article helpful?

Related posts
Top 5 Insane But True Reasons To Buy A Home
July 2015
Top 5 Insane But True Reasons To Buy A Home

Did you ever want to buy a home, day dream about it but then shake your head thinking, “It would be nice…...

Buying a Home
VA Loan Benefits. You’ve served us now it’s our turn to serve you.
February 2016
VA Loan Benefits. You’ve served us now it’s our turn to serve you.

So why are VA loans on our top 3 list?  Well, VA Home Loans are guaranteed by the U.S. Department o...

Buying a Home
How Long Will It Take? A Timeline Roadmap
July 2016
How Long Will It Take? A Timeline Roadmap

>>DOWNLOADABLE GUIDE AT BOTTOM OF POST<< You’re giddy with excitement.  You’re lookin...

Buying a Home
The Secret To Buying A House In A Sellers Market
May 2015
The Secret To Buying A House In A Sellers Market

If you’re a homebuyer, sometimes buying a house isn’t as easy when it’s a Sellers Market.  You’r...

Buying a Home