Mortgage Basics
Application Checklist
Mortgage Application Checklist: What You Need to Get Started
Applying for a mortgage? To speed up the process, it’s important to have the right documents ready. Every situation is unique, so your lender may request additional information—but this checklist covers the essential paperwork you’ll need.
Property Information
- Signed sales contract (including all riders)
- Proof of deposit made on the home
- Contact information for all realtors, builders, insurance agents, and attorneys involved
- Listing sheet and legal description (for condos: include declaration, by-laws, and most recent budget)
Income Verification
- Pay stubs covering the last 30 days
- W-2 forms from the past two years
- Names and addresses of all employers from the last two years
- Letter explaining any employment gaps in the past two years
- Work visa or green card (if applicable)
đź“Ś Additional Income Sources
Self-Employed, Commission, or Rental Income:
- Tax returns (last two years) + year-to-date Profit & Loss statement
- K-1s for partnerships & S-Corporations (last two years)
- Corporate Tax Returns (if 25%+ ownership)
Alimony/Child Support:
- Court order/divorce decree stating payment amount
- Proof of receipt for the last year
Social Security, Disability, or VA Benefits:
- Award letter from the agency
Your Income
- Pay stubs covering the last 30 days
- W-2 forms from the past two years
- Names and addresses of all employers from the last two years
- Letter explaining any employment gaps in the past two years
- Work visa or green card (if applicable)
đź“Ś Additional Income Sources
Self-Employed, Commission, or Rental Income:
Source of Funds & Down Payment
- If selling your current home: Signed sales contract & listing agreement (provide closing statement once sold)
- Bank statements (last 3 months)
- Stocks and bonds - provide copies of your statement from your broker or copies of certificates
- Gift funds? Provide a Gift Affidavit & proof of funds received
Debt & Financial Obligations
- List of all debts (names, addresses, account numbers, balances, & monthly payments)
- Mortgage & rental history (last 2 years)
- Alimony/Child Support obligations (court order/marital settlement agreement)
- Check or payment for application fees
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