What Documents Do I Need to Get a Mortgage Loan?

Are you ready to buy your own home? This is such an exciting time — and before you know it, you’ll be elbow deep in moving boxes. But before that can happen, you’ll have to arrange for a mortgage.

Getting pre-approved for a home loan not only gets the ball rolling, but it can give you an advantage if you are in competition for a property. So what paperwork do you need to apply for a mortgage? We’ve got a handy checklist that will help you start the process.

Salary statements. Most lenders want to see your income for the past two years. Plan on bringing copies of your W2s or 1099s to show proof of income.

Other income. Do you get regular payments from other sources? If you receive disability checks, alimony, account dividends or any other payments, bring copies of these statements or checks.

Savings, stocks and other assets. Plan on bringing statements if you’ve got money tucked away in a savings account, stocks or another type of investment. Your mortgage lender wants to get an overall impression of your assets.

Tax returns. Your lender will typically want to see your tax returns for the previous two years.

Rent receipts or copy of mortgage statement. If you currently rent then the bank will probably want copies of your rent receipts for the past year or your landlord’s contact information. If you own your home, you’ll want to bring your most recent mortgage statement.

List of debts. Your bank will be very interested in any current loans, credit card balances and other debts you owe. This is a critical part of their assessment so it pays to be accurate and thorough.

Driver’s license and SS#. Your lender will need to verify your identity and will probably take a copy of your driver’s license — so keep it handy. You’ll also have to provide your social security number.

New home information. If you already know what home you want, you should bring all the information you have on that home. If you don’t have a home in mind, that’s okay — you can still get pre-approved for a mortgage.

Proof of insurance. If you’ve got a home in mind and you’re moving right into the mortgage process, you’ll be expected to prove you have, or are ready to have, insurance on the home. Connect with your American Family Insurance agent — they’ll be happy to begin that process for you.

As an added tip — your lender will check your credit report. While you don’t have to bring a copy of your report with you, it’s a great idea to review it well in advance to make sure it’s accurate. Mistakes sometimes happen and fixing them can delay the process.

When you’ve been pre-approved, ask for a letter from your lender to show to realtors when you make a home offer. This can serve as an advantage and help you close on the home of your dreams.

Once you’ve found that home and are moved in, you may want to reconnect with your American Family Insurance agent to review your homeowners insurance. Often the initial policy is designed to satisfy mortgage requirements but not give your new home the full protection it deserves.


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