Smarter in 60 - What paperwork is needed

A Review of What Types of Documents and Financial Information You'll Need to Provide
MORTGAGES | JANUARY 23, 2023 | AMANDA HEINER
 
 

Home buyers often question what documents are needed to be approved for a mortgage loan.

In short… a lot!

From tax returns to pay stubs…and from bank statements to brokerage account information… mortgage lenders require lots of paperwork to ensure you are financially fit to pay back what will likely be the largest loan you might ever have. Depending on your situation, you may need to provide rental history or documents about a divorce or bankruptcy. And you may be asked to provide updated pay stubs closer to closing on your mortgage.

The process is becoming less paperwork intensive…thanks to the ability to accept forms in a digital format…but it’s still a bit cumbersome.

While it can be frustrating and time-consuming… remember that the lender is asking for the documentation to help you obtain a loan for your dream home. A little bit of pain… will provide years of home ownership enjoyment. You can start gathering documents before you apply for a mortgage. Having them ready to go will make the process a bit easier. Just know that you may need to provide newer copies of some documents, especially if your timeline has expanded.

Our Peoples mortgage lenders will help you with the home-buying process and will guide you through all the documents that you’ll need to provide. You can apply online by selecting a lender or calling 888.929.9902 and asking to speak to a mortgage lender.