Documents You'll Need to Ensure Your Loan Application Process Goes Smoothly

When applying for a mortgage loan, there are several items that you'll need to provide to the lender so they can begin processing your application. All too often, buyers run into snags in the approval process because they were unaware of a document they needed to provide to the lender. This can hold up the approval process and potentially put the buyer at risk for not meeting necessary contract deadlines on financing. So, this week we've decided to share with you a list of items you'll need to provide to your lender to ensure a smooth application approval process. Take a look.

In general, the documentation you will need includes: 

Income & Assets:

• Pay stubs for the last 30 days
• Last two W-2s
• Last two checking and savings Statements for each bank, mutual fund, and/or investment account (all pages even if bank)

If Self-Employed or own more than 25% of a corporation or partnership or have rental properties: 

• Last two years of federal Tax returns (with schedules, all pages)
• Last two years of Corporate or partnership Federal tax returns (all pages)

If you are retired or receiving Social Security or Pension:

• Either Pension Award Letters, or 1099R’s
• Social Security Award Letter, or 1099Rs

If you are counting child support as income: 

• Copy of divorce settlement
• Copy of twelve months of cancelled child support checks

VA Loans:

• Copy of DD Form 214, Report of Separation

By checking off this loan application checklist, you'll be less likely to run into a snag during the approval process. Keep in mind that special circumstances may require additional documentation. Your lender can provide you with a list of any other documents that are necessary if the need arises. If you're in need of a mortgage for a new home, need to find out about your refinancing options, or have any other questions pertaining to mortgage lending, trust in the mortgage professionals at MHQ - Mortgage HeadQuarters to have your best interest in mind. We've been in the mortgage industry for more than 20 years and can help you choose a mortgage program that's right for you and your specific needs!

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Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065

Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917

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