Welcome to the Smith Mortgage Team! We understand that the mortgage loan process can be complex and overwhelming.

To help make your home loan journey smoother, we’ve compiled a comprehensive list of the mortgage loan documentation you’ll need when applying for and closing a home loan with Success Mortgage Partners. Gathering these documents in advance can expedite the mortgage approval process and ensure a seamless experience.

1. Personal Identification for Home Loans

  • Government-issued photo ID: Passport, driver’s license, or state ID.

  • Social Security Number: Required for credit checks and tax documentation.

  • Date of Birth: Required for credit checks and identity verification.

2. Proof of Income for Mortgage Approval

For Employed Borrowers:

  • Pay Stubs: Last two to three months of pay stubs.

  • W-2 Forms: For the past two years.

  • Employment Verification: Contact information for your employer to verify employment status and income.

For Self-Employed Borrowers

  • Tax Returns: Personal and business tax returns for the past two years.

  • Profit and Loss Statement: Year-to-date profit and loss statement.

  • Business License: Proof of business ownership and license.

3. Bank Statements for Home Loan Applications

  • Recent Bank Statements: Statements from all accounts (checking, savings, retirement, investment) for the past two to three months.

  • Large Deposits Documentation: Explanation and documentation for any significant deposits.

4. Credit History for Mortgage Loans

  • Credit Report: Your lender will typically pull this, but having a recent copy can be helpful.

  • Explanation of Credit Issues: Letters of explanation for any negative items on your credit report, such as late payments, collections, or bankruptcies.

5. Proof of Assets for Home Loan Qualification

  • Asset Documentation: Statements for any assets, including 401(k), IRA, stocks, bonds, and other investment accounts.

  • Gift Letters: If you are receiving a financial gift from a relative or friend to help with the down payment, a signed letter detailing the gift amount and relationship to the donor.

6. Debt Information for Mortgage Pre-Approval

  • List of Debts: Current debts, including student loans, car loans, credit cards, and other mortgages.

  • Debt Statements: Most recent statements for each debt listed.

    Property Information for Mortgage Processing and Approval

  • Purchase Agreement: If you’ve already made an offer on a property.

  • Property Appraisal: Arranged by the lender, but having prior property information can speed up the process.

  • Homeowners Insurance: Proof of homeowners insurance for the property being purchased.

8. Additional Documentation for Home Loan Applications

Depending on your individual circumstances, additional documentation may be required, such as:

  • Divorce Decree: If applicable, to verify alimony or child support payments.

  • Bankruptcy Documentation: If you have declared bankruptcy in the past, you’ll need to provide discharge papers and a detailed explanation.

  • Rent Payment History: If you’re currently renting, provide rental payment history for the last 12 months.

At the Smith Mortgage Team, we are committed to helping you navigate the mortgage process with ease. Our experienced professionals are here to assist you every step of the way. If you have any questions or need assistance gathering your documentation, please don’t hesitate to contact us. Let’s make your homeownership dreams a reality!