Providing Documentation

Buying a home often requires getting a mortgage. Homebuyers must be open about providing documentation to loan officers for the best outcome. Some buyers may feel a bit encroached upon as though mortgage brokers are getting too personal but it is just a means to an end. Since lenders require certain documents, it is up to the loan officer to ensure buyers provide every necessary piece of paperwork. If a file is incomplete, it will slow down the financing process or worse yet, it could put the entire loan in jeopardy. Mortgage brokers want to ensure their clients close within a reasonable amount of time. These professionals can guide buyers and help them locate hard to find documents, putting them in a beneficial position when it's time for lenders to make final decisions.

Here are some of the documents a mortgage professional may need:

Income Information:

• Paycheck stubs for the last 30 days
• W-2 forms and personal tax returns for the last two years
• Applicable tax forms such as Schedule C or 1120S form (for self-employed)
• Leave and earnings statement (for active-duty military)
• Written verification of any other income sources

Residence Information:

• Personal address(es) for the last two years
• Landlord contact information (if applicable)

Debt Information:

• All outstanding loans and credit cards
• Creditor's name, your account number, monthly payment and balance

Down Payment Information:

Last three month's statements for the following:

• Bank accounts
• Asset accounts
• Investment accounts
• Retirement accounts

Information About the Property:

• Purchase contract

If a Planned Unit Development, Condominium or Co-op:

• Name of development or project
• Phone number of homeowner's association
• Bylaws and recent financial statements

Other Information:

• Bankruptcies, judgments or liens against you
• Divorce or child support documentation