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Buying Real Estate: Mortgaging: Applying

An effective mortgage application begins with effective preparation.

Some examples of items that you may need prior to the final approval of your mortgage:

  • Bank statements from all accounts, including checking, savings and investment, for the preceding 2 or 3 months.
  • Documentation of any court ordered payments or income (for example child support or alimony payments).
  • A copy of the purchase agreement for the home you want to buy.
  • Documentation of your current rent or mortgage payments.
  • Monthly statements for other assets such as retirement accounts, IRA's and CD's.
  • Verification of employment--either in the form of a letter from your employer or current pay-stubs.
  • Verification of any other income that you will be using for qualification purposes (for example, a second job or small business).

For VA borrowers:

You will need your Certificate of Eligibility from the Veterans Administration, verifying your eligibility for a VA loan.

Self-employed:

You will need tax returns for the most recent 2 years, as well as statements for the current year (generally profit and loss statements).

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