While the home buying process is exciting, applying for a mortgage can be time-consuming. Paperwork is a big part of the mortgage process and the better prepared you are, the more likely it is to go well. In fact, if you are considering getting preapproved for a mortgage, lining the paperwork up ahead of time will be very helpful. Remember, the more information provided to your mortgage lender, the easier it will be for them to get your approval. There are three categories of documentation your lender will want to see, income, expenses, and assets. Here are the documents they will likely require:
Mortgage lenders will typically verify the income you are claiming in two ways. First, they will want to see your most recent Form W2 or Form 1099 (if you are self-employed) and they will generally ask you to provide tax returns.
You should be prepared to provide at least a month’s worth of pay stubs to a mortgage lender. Keep in mind, in most cases, overtime pay, bonuses, and other “extraordinary” income will not be counted as part of your gross income by the lender.
Your mortgage lender will need to verify your expenses. Since your mortgage application will ask you to list your debt, you should consider getting a free copy of your credit report.
Your mortgage lender may also want to verify your rent payments for at least the last year. You can provide a copy of the checks used to pay your rent, although the lender may ask you to sign a form allowing them to verify your rent independently of any documentation you provide.
You may also be asked to provide verification of certain assets. For example, if you have a stock portfolio, IRA accounts, or other liquid assets, the lender may ask you to provide the most recent statements from the custodian of those accounts. Your mortgage lender will let you know what additional information they may need.
This list is not intended to be a comprehensive list of the documents your lender may request. Chances are you will also be asked to provide a copy of your driver’s license or other photo identification. Borrowers who have part of their down payment given to them as a gift may also be required to provide a gift letter indicating the funds were a gift and not a loan. The better prepared you are for the mortgage process the faster it will go.
Meet Kimberly Jokela:
With a genuine passion in people Kimberly loves helping her clients make their real estate dreams or needs come to life! Specializing in Luxury, Vacation, Retirement or Investment properties.
Born and raised in the midwest in a family with a strong work ethic, filled with creativity & dedication.
Her determination lead her to attend college at the "Philadelphia Performing Arts" where she had the opportunity to follow her passion in the Arts & to travel. Living in California with her husband Rick for 15 years together they built a successful business. After the birth of her beautiful daughter Brittany, seeking a "small town” coastal lifestyle, they took a trip to Naples Florida & fell in love with all it has to offer and made the jump!
With now over 17 years experience as a licensed Realtor serving Naples, Bonita Springs, Marco Island, Estero & Fort Myers.
A great listener, negotiator & connector, Kimberly is dedicated to helping her clients looking to BUY their ideal Florida property!
Her warm & friendly personality is present in everything she does on her clients behalf!
Kimberly’s creativity & "out of the box" thinking gives her clients the extra leverage they need when SELLING a property.
Her well organized marketing includes professionally produced photography, video, drone imagery, media presentation in print, numerous online websites & social media!