Documents Needed for Mortgage Pre-Approval: A Checklist
Get pre-approved for a mortgage fast with this easy to use checklist. Learn what documents you need for a successful application, with tips to simplify the process.
Documents Needed for Mortgage Pre-Approval: A Checklist
When you're ready to make the big move and jump into the world of home-ownership, the first step is getting pre-approved for a mortgage. Having a pre-approved mortgage shows sellers that you are serious about buying a home and eliminates stress as you search for your dream house. To get pre-approved, however, you'll need to gather several important documents. To help you out, we have prepared a checklist of all of the documents that you'll need.
Proof of Your Identity
When you apply for pre-approval, you'll need to provide proof of your identity. This includes two pieces of government-issued identification such as a driver's license, passport, health insurance card, or birth certificate. You may also be required to provide a recent payslip or letter from your employer.
Proof of Income
In order to get pre-approved for a mortgage, you'll need to prove that you have a steady income. This includes any employment or investment-related income that you receive on a regular basis. You'll need to provide copies of at least two of your most recent paystubs and copies of your last two tax returns (including any supplemental forms such as 1099s or K-1s). You'll also need to provide details about all sources of income, including any self-employment income.
Proof of Assets and Debt
You'll also need to provide proof of any asset accounts or debts that you have. This includes bank accounts, mutual funds, stocks, bonds, savings accounts, retirement accounts, car loans, credit cards, and any other type of loan. You'll need to provide paperwork for each of these accounts, which can include statements, loan documents, or letters from financial institutions. You'll also need to provide proof of any investments and assets such as mutual funds or stocks.
Conclusion
Getting pre-approved for a mortgage is the first step to buying a home. To make sure that you have everything ready to go, it's important to gather all of the necessary documents before you apply. Using the checklist above, you can make sure that all of the documents are in order and ready to show to the lender.