It’s time to collect all of your personal documentation for your mortgage preapproval. Breathe!!! You can do this. If this process was easy everyone would do it. But with a set plan it will be simple. First, set aside some time and begin compiling your file. The better organized you are the easier the process will be for you and your loan officer.

It makes no difference in what order you submit the paperwork as long as it's complete. If there are sections below that do not apply to you, don't worry about those documents.

Income – W2 Employee

• Most recent two paystubs
• Most recent two years W2s
• Most recent two years Federal Tax Returns (all pages and all schedules)

Income - Self Employed

• Most recent two years 1099
• Most recent two years K1s
• Most recent two years Personal Federal Tax Returns (all pages and all schedules)
• Most recent two years Business Federal Tax Returns (all pages and all schedules)

Assets

• Most recent two months statements from all asset accounts. This would include: Checking, Savings, IRA, Stocks, 401k etc. Complete statements are needed; this means every numbered page even if they are blank. Transaction histories and screen shots will not be accepted by the underwriter.

Additional Properties Owned

If you own additional property be prepared to provide the following for each property:

• Copies of your most recent mortgage statements for all properties owned.
• Copies of all leases.
• Condo owners must provide the contact name and phone number for the condo management company and insurance agent holding the policy for your unit specifically.
• Single family owners must provide the name and number of your homeowners’ insurance agent.

If you are Purchasing – Miscellaneous Documents/Information:

• Sales contract signed by all parties. UPON RECEIPT
• Copy of cancelled earnest money check(s). UPON RECEIPT
• Contact information of your attorney.
• Contact information for your insurance agent.
• Contact information for your current landlord.
• W2 Employee: Contact information for your Human Resources Representative.
• Self Employed: Contact information for your CPA.

If you are Refinancing – Miscellaneous Documents/Information:

• Your current mortgage statement.
• If you have a second mortgage you will need to provide a copy of the Note (ask your loan officer if you are unsure what this looks like) 
• Contact information for your insurance agent.
• W2 Employee: Contact information for your Human Resources Representative.
• Self Employed: Contact information for your CPA.

How often will I need to provide documents?

Ideally, there should only be three points of contact for paperwork:

• Initial mortgage application.
• Prior to submission to the underwriter.
• Upon receipt of the loan approval.

Keep in mind, some loans have more moving parts than others (this depends on your situation) and additional documentation may be required. 

Also, if you relocated from a different country with a different language some (or all) of your documents may need to be translated and the underwriter will need additional documentation. This is perfectly normal! If you still have accounts in that country it may be necessary to ask your banking institution if they can print your statements in English to make it easier.

If you have any questions about documentation or the preapproval process, feel free to contact us at any moment!