Looking for a Mortgage? Here’s What You’ll Need

You may be wondering exactly what information your lender will ask for when you apply for a mortgage to either purchase or refinance a home. Following is a primer on some of the basics:

Income and Assets: Lenders are looking for 30 days of pay stubs, regardless of how often you get paid, plus the last two years of W-2 forms. Tax returns would be even better. If you’ve had more than one employer, be sure to get contact information for each, as lenders will need to verify your employment for the last two years.

Savings Proof: Proof of all checking, savings and retirement accounts will be needed. If you are scanning or faxing statements, be sure to include all pages of statements, even blank ones. Lenders are sticklers about seeing everything.

Residence History: First-time homebuyers, specifically those who have rented from landlords, will need to provide contact information for those landlords. If the landlord cannot be located, copies of canceled checks going back at least 12 months will likely be required.

Property Insurance Information: All lenders require that properties on which they lend money have property insurance. Make sure you have the name and phone number of the insurer you plan to use.

For Refinances: If you are refinancing, have a copy of the mortgage or mortgages that you have on the current property. Lenders need to be contacted both for payoff information and to verify that you are current on your payments with them.