Mortgage Document Checklist
Documents Needed for a Refinance and Purchase
It’s much easier to apply online when you already have your documents in front of you. Instead of stopping halfway through the application process to hunt for pay stubs or bank statements, you can answer each question accurately the first time and upload the right files in one session. The checklist below shows you which documents to gather so the online application goes smoother and the underwriter has fewer questions later when the loan is submited for an approval. For a refinance, the requirement for assets are lower so most of the time, all you need are bank statements. There are 3 typical categories of paperwork to collect for a refinance or a purchase: income, assets and property information.
Income (refinance or purchase)
-
Paystubs
(last 2 consecutive paystubs for the month) -
W2s
(last 2 years of W2s) -
Federal Tax Returns Only (signed)
(self-employed only unless including other income, i.e. rental income, child support, and retirement) -
Bank Statements
(2 consecutive months of bank statements) -
Federal Business Tax Returns
(2 years of business tax returns including K1s if own more than 25% of business) -
P & L Statement (YTD)
(If owning more than 25% of business)
Assets (refinance or purchase)
-
Bank Statements
(2 consecutive months of bank statements) -
Brokerage, Mutual Fund, or Annuity Statements
(2 months of each if necessary) -
Certification of Deposits
(equivalent to 2 month if necessary) -
401k and / or IRAs
(equivalent to 2 months if necessary -
Life Insurnace Cash Value
(equivalent to 2 months if necessary) -
Gift From Relative
(signed gift letter, donors bank statement, wire transfer or deposit slip to show transfer, if necessary)
Property Documents (refinance)
-
Mortgage Statement
(lastest statement) -
Property Tax Coupon
(lastest coupon statement) -
Home Insurance Declaration
(declaration is usually 3 pages) -
HOA Statement
(latest HOA statement) -
PMI Statement
(latest statement) -
Form of Identification
(driver's license, state id, passport)
Property Documents (purchase)
-
Purchase Contract
(ratified) -
Addenda to the Purchase Contract
(any addendum before or during transaction) -
Earnest Money Depost
(Proof of EMD to escrow) -
Proof of Home Insurance
(home insurance binder) -
Form of Identification
(driver's license, state id, passport)
Other Documents Needed if Necessary (refinance or purchase)
These documents are necessary if you fit in one of these situations. Two of the most popular below is having the property in a trust or having rental properties.
-
Rental Properties
(mortgage statement, property tax, Home insurance, HOA and PMI for each) -
Trust Certification
(for properties in a trust) -
Divorced or Separated
(divorce decree or separation agreement)
-
Bankruptcy
(All pages) -
Second Mortgage or Heloc
(note and deed of trust)