What to Expect When You're Applying for a Mortgage

OUT OF POCKET EXPENSES

_____  Earnest Money Deposit (Hand Money)

This is the deposit you will be asked to put down at the time you submit an offer on a property. This money is credited to you at closing and goes toward your down payment and closing costs. Ask your realtor for more details. You will need a copy of the cancelled check.

_____ Inspection fees 

The inspection fees vary based on what you elect. This money is paid upfront to the person doing the work.

INCOME

Salaried or W2

_____ 30 days most recent paystubs (3 if you are paid bi-weekly)

_____ 2 years most recent W2s

_____ 2 years most recent federal (only), signed and dated tax returns (all pages and schedules)

Self Employed / 1099 Employees

_____ 2 years most recent federal (only), signed and dated tax returns (all pages and schedules)

_____ 2 years most recent 1099s (if applicable)

_____ 2 years most recent signed/dated corporate tax returns (all pages, all schedules, if applicable)

_____ Year-to-date profit and loss statements (Might need to be prepared or verified by a CPA)

Retired

_____ Most recent Social Security Awards statement or most recent 2 years 1099s

_____ Terms of pension or most recent 2 years 1099s

_____ 2 years most recent Federal (only) signed and dated tax returns (all pages and schedules)

ASSETS

_____ Copy of most recent 2 months’ bank statements (all pages).

Statements must have name, address, and account number. All large deposits not clearly marked as payroll must have satisfactory documentation proving source of funds

_____ Additional assets might be needed based on your situation

_____ Your mortgage consultant will provide additional items needed if a gift from a relative, funds from retirement or stocks, or proceeds from a sale of a home will be used.

ADDITIONAL ITEMS

_____Photo ID

_____Signed Sales Contract

_____Name and contact information for Home Owner’s Insurance Agent

_____If Renting, name and contact of landlord for verification of rent