WHAT TO DO
✓ Make sure you have access to original documents such as paystubs, bank statements and other important financial documents in physical or digital form.
✓ Provide a copy of your earnest money check or deposit from your own personal bank account.
✓ If you plan to receive gift funds for any portion of your down payment or closing costs, please notify your loan officer. Gift funds are acceptable only if certain criteria are met. Advances from credit cards for down payments/closing costs are never acceptable.
✓ Notify your loan officer of any employment changes such as a recent raise, promotion, transfer, or change of pay status. Employment will be verified prior to closing.
✓ Be aware that a new credit report could be pulled just prior to closing.
THINGS TO AVOID
✓ Don't close or open any asset accounts or transfer funds between accounts without first discussing with your loan officer about the proper documentation required for your loan.
✓ Don't deposit any monies outside of your automated payroll deposits, particularly cash or cash from the sale of personal property, without first notifying your loan officer. Many guidelines require substantial documentation as to the source of these deposits.
✓ Don't change jobs or employers without inquiring about the impact this change might have on your loan.
✓ Don't make major purchases prior to your contract. This includes but is not limited to a new car, furniture, appliances, etc. as this may impact your loan qualification.
✓ Don't open, increase or close any liabilities, including credit cards, student loans or other lines of credit during the loan process as it may impact your qualifying loan amount.
WHAT TO HAVE READY
When you are ready to get started, here are a few of the documents that any mortgage lender would request. It is important to note that while this is a fairly comprehensive list, the documents needed from you might vary, and will be customized to your unique situation. Generally speaking, this checklist applies to purchases and refinances.
DOCUMENT CHECKLIST
Financial and Income Documents
- ☐ Most recent pay stubs covering the last 30 days
- ☐ W-2s for the last two calendar years
- ☐ Two months most recent statements for all checking, savings, CD, money market, and/or securities-brokerage accounts (please include all pages even blank ones)
- ☐ Two months most recent statements (or most current quarter) for all retirement accounts (IRAs, SEP-IRAs, 401Ks or 403Bs)
- ☐ Most recent statement of stock options, employee stock option purchase plans, and similar only if you're using them as part of the down payment or for closing costs
- ☐ Federal tax returns (1040s) for the last two calendar years; please include complete returns with all schedules filed (State returns are not needed)
- ☐ All federal K-1s, partnership returns (1065s) and corporate or S-corp. returns (1120s or 1120-Ss) for the last two calendar years (if applicable)
- ☐ YTD Profit & Loss Statement if you're self-employed or an independent contractor
- ☐ Leases on all rental properties you may own, if applicable
- ☐ Mortgage, real estate tax and insurance premium statements for these properties
- ☐ Most recent mortgage statement (refinance only)
- ☐ Current year tax statement, if not reflected on mortgage statement (refinance only)
- ☐ Insurance declaration page (refinance only)
- ☐ Complete bankruptcy papers, if applicable
- ☐ Divorce decree and settlement statements, if applicable and only if requested by Underwriting to verify receipt or obligation to pay alimony or child support or to verify the division of assets
- ☐ Copy of state-issued driver's license (front and back) or passport showing your date of birth
- ☐ If not a U.S. citizen: a resident alien card (front and back); resident alien application or H1B or L1 Visa plus passport as applicable
Property Documents
Personal Documents
Proof of Identity
GET AHEAD OF YOUR MOVE
- ✓ Sort. Walk through every room and open every drawer; decide what to take to your new home and what to get rid of. Make a list of “keep” items that will require special packing or extra insurance coverage.
- ✓ Purge. Donate items you no longer want, or host a yard sale.
- ✓ Hire movers. Research moving companies. Always ask for the mover's U.S. Department of Transportation license number; whether the company is bonded; and whether the company is licensed for interstate moves, if you're moving out of state. Request in-home estimates to receive the most accurate pricing.
- ✓ Contact your children's school. Notify the school that you're moving, and obtain copies of your children's records. Contact new schools for enrollment and record-transfer procedures.