What to Bring to a Mortgage Appointment?

Preparing for a mortgage appointment requires careful organization. Gathering necessary documents beforehand streamlines your meeting with a lender or mortgage broker. Being well-prepared helps the lender accurately assess your eligibility and present suitable financing options.

Personal and Identity Documents

Lenders require personal identification to verify your identity and conduct background checks. A government-issued photo identification, such as a driver’s license or passport, is required.

Your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) is needed for a credit report. This report provides a comprehensive overview of your borrowing history and creditworthiness. Lenders also ask for your residential addresses for the past two years to establish your housing history.

For financial obligations from past relationships, documents like divorce decrees or child support orders may be necessary. These legal documents help lenders understand your complete financial picture, including obligations or income streams.

Income and Employment Verification

Demonstrating consistent, verifiable income is a significant aspect of a mortgage application, assuring lenders of your ability to repay. For employed individuals, recent pay stubs (last 30 to 60 days) are requested. You will also need W-2 forms from your employer for the past two years.

Self-employed individuals or business owners have different documentation requirements. This includes personal and business tax returns for the last two years, along with profit and loss statements. These financial statements illustrate the business’s revenue and expenses, providing insight into its financial health and your income stability. Some lenders may also accept 12 to 24 months of business or personal bank statements to verify income.

Other income sources require specific documentation. For alimony or child support, provide a divorce decree, legal separation agreement, or court order specifying payment amounts and duration. Lenders look for consistent receipt for at least six months, and payments must be expected to continue for at least three years after closing. For pension, Social Security, or disability income, award letters and bank statements showing regular deposits are needed, confirming income continuation for at least three years. If any of these income types are non-taxable, lenders may “gross up” the amount for qualification purposes.

Financial Statements

Lenders examine your financial statements to understand your assets and liabilities, assessing your financial stability and available funds. Provide bank statements for checking and savings accounts (most recent two to three months), ensuring all pages are included. Statements for investment accounts, such as brokerage or mutual funds, and retirement accounts like 401(k)s and IRAs, are also requested.

These documents verify funds for your down payment and closing costs, and evaluate your reserves. Lenders scrutinize statements for consistent deposits and may question large or unusual deposits. A large deposit is often defined as a single deposit exceeding 50% of your total monthly qualifying income. Funds used for a down payment or closing costs should be “seasoned” (in account for at least 60 days), or their source clearly documented (e.g., gift letter).

In addition to assets, lenders require statements for all outstanding debts. This includes credit cards, auto loans, student loans, personal loans, and any other mortgages. These statements provide clarity on your monthly debt obligations, allowing the lender to calculate your debt-to-income ratio, which is an important factor in determining your borrowing capacity.

Property Details

If you have identified a specific property, certain details will be relevant for your mortgage appointment. Provide the property address. If you signed a purchase agreement or sales contract, a copy is needed, as it outlines the terms of acquisition.

It is helpful to have your real estate agent’s contact information. Other relevant property details, such as Homeowners Association (HOA) information or recent property tax statements, can assist the lender. This section may not apply to those seeking pre-approval before finding a specific home.