Mortgage application: The documents you'll need to apply

by Leona "Kay" Lehmer 10/28/2024

Documents you'll need when applying for a mortgage loan featured image

Paperwork is a huge part of the mortgage process, so the better prepared you are - the smoother applying for your mortgage loan can be. 

There are three categories of documents your lender may request: income, expenses, and assets. Knowing what to expect can help you gather your paperwork and turn it in with ease. 

Income verification

Mortgage lenders typically verify your income in two different ways. First, they’ll want to see your most recent Form W2 or Form 1099 (if you are self-employed), and they may also ask you to provide recent tax returns. 

Some lenders may accept signed copies of your tax returns; however, many also use the IRS income tax verification process to ensure the forms you provide are the same as the forms filed with the IRS.

In addition to tax information, be prepared to send in at least a month’s worth of pay stubs to your potential mortgage lender.  

Expenses verification

Along with income verification, your lender may request verification of your expenses to get a better idea of your debt-to-income ratio. Providing them a copy of your credit report is a great way to show previous debts and other financial responsibilities on your plate. 

Along with debts, a lender will generally ask for proof of previous rent or mortgage payments. You can provide a copy of the checks used to pay your rent; however, some lenders may ask you to sign a form allowing them to verify your rent independently, without you having to send in documents. 

Verification of Assets

Lenders also ask for borrowers to send verification of assets owned. This may include but is not limited to: stock portfolios, IRA accounts, or other liquid assets.

Although this list isn’t completely comprehensive of all documents needed, it’s a great place to start when preparing for mortgage loan approval. 



About the Author
Author

Leona "Kay" Lehmer

I have been in the real estate industry for over 25 years!  I started working with some of the top builders in Tampa and then decided to pursue my general real estate license.  I love working with people and helping them find the home of their dreams.  The TampaBay Metro area(Tampa, St Petersburg, Clearwater...)is a great City and has grown unbelievably in the past 25+years.  I have extensive knowledge that I can share for those coming to the Florida area or those who want to move up or downsize or have to leave our great state.  I make it my goal to work for you to find the right home, whether it be upsizing or downsizing, I will find the best location for you! From the beaches to golf course to the city or country, I can find the perfect home for you!  When you call my phone, you get ME! You are not handed off, if I don't know the answer to a question, I will find out and get back to you!  I Work FOR YOU!!