- Proof of income
One of the most important documents you’ll need to provide to the online mortgage broker is proof of income. This can include recent pay stubs, W-2 forms, and tax returns. If you’re self-employed, you may need to provide additional documentation, such as profit and loss statements and bank statements.
- Employment verification
In addition to proof of income, the online mortgage broker will also want to verify your employment status. This can include a letter from your employer stating your job title, salary, and length of employment. The broker may also contact your employer directly to verify your employment.
- Bank statements
The online mortgage broker will also want to see your recent bank statements to verify your assets and check for any large deposits or withdrawals. You may need to provide several months’ worth of bank statements, depending on the lender’s requirements.
- Credit report
The online mortgage broker will pull your credit report to determine your creditworthiness and assess the risk of lending to you. You can obtain a free credit report from each of the three major credit bureaus once a year, or you can purchase a report from a credit reporting agency.
- Property information
If you’ve already found a property you’re interested in purchasing, the online mortgage broker will need information about the property, including the address, purchase price, and other details. You may also need to provide a copy of the purchase agreement.
- Proof of insurance
Most lenders require that you have homeowners insurance in place before they will approve a mortgage. You’ll need to provide proof of insurance to the online mortgage broker, including the policy number, coverage limits, and contact information for your insurance agent.
- Other documentation
Depending on your individual situation, the online mortgage broker may request additional documentation, such as divorce decrees, child support orders, or documentation of any other sources of income.
It’s important to note that the specific documents required by the online mortgage broker can vary depending on the lender’s requirements and your individual financial situation. Be sure to ask the broker for a detailed list of the documents you’ll need to provide before you begin the application process.