Expert Mortgage Advice: Closing Your New Home Mortgage Loan

Documents Required for Closing Your New Home Mortgage Loan

Financial documents you will need:

At a minimum, assemble the following information before you contact a mortgage professional to discuss the best alternatives for your financial situation:

Purchase contract for the house (if applicable).
Pay stubs for each applicant, showing earnings for the last 30 days and year-to-date earnings. (These must be computer-generated or typed originals that identify the employer and the employee's name.)
Last year's W2 for each applicant.
Last year's 1099 for each applicant.
If self-employed, personal tax returns for the previous two years.
If self-employed, business tax returns for the previous two years.
If self-employed, your company's year-to-date Profit and Loss statement.
Account numbers for each financial account currently used by each applicant, along with account statements for the past two months.
- bank account
- savings account
- money market account
- cash management account
- stock or mutual fund brokerage account
- IRA
- certificates of deposit
- employee retirement account
Information about debts, including loan and credit card account numbers and the names of your creditors.
Evidence of your mortgage or rental payments, such as canceled checks.
An irrevocable gift letter if you are receiving a monetary gift from a relative.

Fannie Mae and Freddie Mac Requirements.

Lenders verify that you have the amount of cash required for closing plus 2 months' reserves. If you are applying for a Fannie Mae or Freddie Mac loan, you will need to provide copies of bank account statements that prove you have the necessary funds.

Child support or alimony payments

If you pay or receive child support or alimony payments, you will need to show a copy of a divorce decree. If you rely on the child support received to qualify for the requested loan, you also will need records from the state child support office showing payments received for the prior 12 months.

Social Security benefits

If you derive a portion of your income from social security benefits, you should provide the most recent Social Security Award Letter indicating the amount of your current monthly payments from social security.

Rental properties

If you derive income from rental properties, you will need copies of current lease agreements for each rental property that you own.

Refinancing

If you are refinancing, you will need a copy of the declarations page from the homeowner's hazard insurance policy for the property.

You may think of other documents as you work with your mortgage broker. Print this web page -- there's room to check off the documents as you assemble them.

Contact the premier mortgage brokers who advertise in the LoanStar.net Mortgage Directory. You will discover experienced, knowledgeable professionals who truly believe that every borrower deserves personal attention and the highest level of customer service.