FROM OUR BLOG
September 1, 2016

Being prepared for your home loan and knowing what to expect is the best way to avoid feeling overwhelmed during the process.

Over the last few years, much has changed in the mortgage industry; today’s lending requirements are stricter than ever. It’s not like buying a car!

You will need to collect the following items to complete the loan application.

Borrower’s Checklist – The documentation you need for the home loan process:

  • Pay stubs covering the last 30 days for each borrower.
  • Federal tax returns & W-2 forms for the last two years.
  • All pages of the last two months of banking and investment accounts. Please explain and document any irregular deposits into your accounts that are not direct deposits or transfers between accounts. (Please note: Internet screenshots and summaries of accounts are not acceptable substitutes without complete account names and numbers.)
  • All pages of the last two statements of personal retirement accounts (401k, IRA, 503b, etc.).
  • Proof of other income (notes, alimony, retirement and rental).
  • Proof of homeowners insurance (i.e., declaration page of insurance), mortgage statement, and homeowners association dues on all properties.
  • Copy of driver’s license (all borrowers).

Additional information that might be required:

  • Gift letter
  • Final divorce decree
  • Rental agreements
  • Corporate/partnership returns
  • Trust agreements
  • Year-to-date profit and loss

Having all your financial information organized will save on hassles down the road.
Underwriting will likely request a few more documents after the loan is initially submitted.

Also remember, it won’t last forever! And we always respond to your questions right away.

Need more info? Call 303-800-4595, email – or schedule a time to chat.

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Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.