To verify your identity, you’ll need to provide the broker with a government-issued photo ID, such as a driver’s license or passport. This is a standard requirement for all mortgage applications.
Proof of Income
One of the most important factors in determining your eligibility for a mortgage is your income. You’ll need to provide documentation to support your income, including:
- Pay stubs: Your most recent pay stubs will show your year-to-date earnings and help the broker determine your average monthly income.
- Tax returns: Your most recent tax returns will provide a more comprehensive picture of your income, including any self-employment income or other sources of income.
- W-2 forms: Your W-2 forms from the past two years will show your total earnings from each employer.
- 1099 forms: If you’re self-employed, you’ll need to provide your 1099 forms from the past two years to show your total income.
Proof of Assets
In addition to your income, mortgage lenders will also want to know about your assets. This includes any cash, investments, or property that you own. You’ll need to provide documentation to support your assets, including:
- Bank statements: You’ll need to provide bank statements for the past two to three months to show your current account balances and transaction history.
- Investment account statements: If you have investment accounts, such as stocks, bonds, or mutual funds, you’ll need to provide statements to show your current holdings and balances.
- Property deeds: If you own other property, such as a second home or rental property, you’ll need to provide proof of ownership, such as property deeds.
Debt and Expense Documents
To help the broker assess your debt-to-income ratio and determine your ability to repay a mortgage, you’ll need to provide documentation of your debts and expenses, including:
- Credit card statements: You’ll need to provide statements for all of your credit cards to show your current balances and minimum monthly payments.
- Car loan statements: If you have a car loan, you’ll need to provide statements to show your current balance and monthly payment.
- Student loan statements: If you have student loans, you’ll need to provide statements to show your current balance and monthly payment.
- Other loan statements: If you have any other loans, such as a personal loan or home equity loan, you’ll need to provide statements to show your current balance and monthly payment.
- Monthly expenses: You’ll also need to provide a list of your monthly expenses, such as rent, utilities, and other bills.
Depending on your specific situation, the broker may also require additional documentation, such as:
- Divorce decree: If you’re divorced, you may need to provide a copy of your divorce decree to show any alimony or child support payments.
- Proof of rental history: If you’re currently renting, you may need to provide proof of your rental history, such as a letter from your landlord or canceled rent checks.
- Proof of disability income: If you receive disability income, you’ll need to provide proof of your disability and income.