When applying for a mortgage, lenders will require several key documents and pieces of information to assess your financial situation and determine if you’re a suitable candidate. Here’s a list of what you’ll typically need to provide:
- Personal Information
- Identification: Government-issued photo ID (e.g., driver’s license, passport).
- Social Security Number (SSN): For credit check purposes.
- Proof of Residency: Utility bills or lease agreement, if applicable.
- Income Verification
- Recent Pay Stubs: Usually covering the last 30 days.
- W-2 Forms: For the past two years.
- Tax Returns: Often the last two years, especially if you’re self-employed or have variable income.
- Bank Statements: Typically for the past 2-3 months, to show proof of assets and income.
- Employment Verification
- Employer Contact Information: So the lender can verify your employment status.
- Employment History: Details of your employment for the past two years.
- Credit Information
- Credit Report: The lender will pull your credit report to evaluate your credit history and score.
- Explanation of Credit Issues: If you have any past bankruptcies, foreclosures, or other credit issues, be prepared to provide explanations.
- Assets
- Bank Statements: For checking, savings, and investment accounts.
- Proof of Other Assets: Such as retirement accounts, stocks, bonds, etc.
- Gift Letters: If you’re receiving financial help from family or friends, a letter stating that the funds are a gift and not a loan.
- Liabilities
- List of Debts: Including car loans, student loans, credit cards, alimony, child support, etc.
- Monthly Debt Payments: To help calculate your debt-to-income ratio.
- Property Information
- Purchase Agreement: If you’ve already made an offer on a home.
- Proof of Down Payment: Bank statements showing that you have enough for the down payment.
- Homeowners Insurance: Proof of insurance for the property you intend to purchase.
- Other Documentation
- Rent History: If you’re currently renting, proof of on-time rent payments for the last 12 months.
- Divorce Decree: If applicable, to verify alimony or child support obligations.
- Explanation Letters: For any gaps in employment, large deposits, or other irregularities.
- Pre-Approval Letter (Optional)
- Pre-Approval: A letter from a lender stating how much you’re approved to borrow. This is not required but can strengthen your offer on a home.
Having all these documents prepared will streamline the mortgage application process and increase your chances of a smooth approval.
Your mortgage broker can help you take care of your financial future. Here at WeTrust Mortgages, whether you’re a first-time buyer, moving home, looking for a buy-to-let, building an investment portfolio, buying your commercial premises, or simply looking to change your mortgage for a better deal. We make it easy to get the right mortgage for you. Start today and let our experts guide you through the process!
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Start your mortgage journey now: https://wetrust.co.uk/mortgages/