Mortgage CheckList

When applying for a mortgage, there are many financial and personal documents needed to verify your personal information, assets, and income to qualify for your loan. To ensure your loan transaction flows as smoothly as possible without any delays, you should make sure to have these documents to give to your mortgage consultant or underwriter to analyze:

  • Personal Tax Returns for the latest two (2) years with all schedules
  • W-2s for the latest two (2) years (applies to wage-earners)
  • Paystubs for the latest month (applies to wage-earners)
  • Corporate Tax Returns for the latest two (2) years (applies to self-employed borrowers with Partnerships or Corporations)
  • Bank or Retirement account statements of the latest two (2) months
  • Copy of Driver’s License and Social Security Card
  • Mortgage Statements and Homeowner’s Insurance Policies of all properties owned (if applicable)

What NOT To Do During A Loan Transaction

Mortgage underwriters are trained to analyze every aspect of your financial situation to assess if you have the ability to repay your mortgage and to deem if you meet the creditworthiness for financing of your home. This is a list of things you are advised to avoid doing during the mortgage process until after escrow closes.

  • DO NOT apply for any new credit lines (credit cards, auto loans, school loans, etc). This could have a negative effect on your credit score and if any new lines is opened, your debt-to-income (DTI) ratio may increase, which may even disqualify you from the loan. Do not co-sign for anyone for anything as that will also increase your DTI ratio.
  • DO NOT be late on any payments you are obligated to pay. This will have an adverse effect on your credit score and
  • DO NOT make any deposits that cannot be verified or sourced. Even transferring monies between accounts can make an underwriter’s job more difficult which may delay your loan closing. If you need gift funds to help with your down payment, let your mortgage consultant know from the beginning.
  • DO NOT change or quit your job during your mortgage process. Any changes may also disqualify your loan. Underwriters like to see a consistent job history Let your mortgage adviser know of this also
  • DO NOT schedule a vacation during your mortgage process. This may delay your loan closing if you are to meet a deadline.
The best thing to do if you are unsure is to ask your mortgage consultant or underwriter to make sure it will not negatively affect or delay your loan closing. Remember that underwriters are trained to closely analyze your entire financial profile. DO NOT give them any reason to deny or delay you from achieving your dream home!