This is the fifth in a series of videos and articles inspired by Mars Bank’s First Time Homebuyer live events. Sign up today for our free online first time homebuyer seminar.
Whether using a paper or digital application process, mortgages mean documents. Getting the documents submitted correctly may mean a smoother, faster mortgage approval and closing! Mars Bank wants to help you understand the home buying process so we’ve created a mortgage document checklist to prepare you for the application process.
Identification, Income and Asset Documents Needed
The documentation required at pre-approval or application is simply to verify the information on the application. The buyer needs to provide two forms of identification. Financial documents must be submitted including pay stubs for the most recent 30 days, W-2s, tax returns from the past two years, and the most recent two months bank statements to verify assets. This includes all bank statements for checking accounts, savings accounts, 401ks, and any other retirement accounts.
Extra Income Documents
If you have additional income, extra documentation is required for a pre-approval or application. Additional income could include social security, pension, child support or alimony, and self-employment or side gig and freelance income. For social security, you must submit a copy of an award letter. For a pension, a pension statement is required. If you receive child support or alimony, a divorce decree is needed to verify that information. Finally, if you are self-employed or has any type of secondary income, discuss these with a mortgage loan officer to determine what other documentation may be needed. Particular documents would be based upon the business ownership type.
At Mars Bank, we want to make the homebuying and mortgage process as simple as possible. By being aware of the documents needed, you will be more prepared to apply for a pre-approval or mortgage. Download the mortgage document checklist here. If you need help making sure you have all the documentation, contact Mars Bank today for assistance.
Considering a first home purchase? Sign up today for our free online first time homebuyer seminar.