Here are some documents that you may be required to provide
during the mortgage application process:
Employment
information. Names, addresses and telephone
numbers of all your employers for the last two years.
If you are self-employed, you will probably need all
business records and tax returns for the last three
years.
W2s. These
are the forms you get from your employer every year to
file your income tax returns. Usually you need W2s for
the two most recent years. Other income information,
such as Social Security, pension, interest or
dividends, rental income, child support and/or
alimony, and self-employment income may also be
considered.
Pay stubs.
Save your pay stubs and furnish those from the 30-day
period before the date of your mortgage application.
Federal income tax
returns. If you are self-employed, or more than
25 percent of your income comes from commission,
overtime or bonuses, you may need to provide complete
copies of federal income tax returns you filed for the
two most recent years.
Bank statements.
You may need to provide statements from all your
accounts (checking, savings, mutual funds, money
markets, certificates of deposits, 401(k) or other
retirement accounts) for the last two months to verify
the exact amount of cash you have available for your
down payment and other costs associated with your home
purchase.
Current debts.
Be prepared to provide the account numbers, current
balances and the minimum monthly payments of all
credit accounts, such as loans, credit cards, child
support and other payments you make each month.
Use our free mortgage payment calculators: 1.How much do I have to earn? Not sure how much money you'll have to earn to afford your house payment and accompanying expenses? 2.Mortgage payment calculator Want to know how much your monthly payment is for your mortgage? 3.Bi-weekly mortgage calculator Want to know how much time and money you'll save paying off your loan on a bi-weekly payment plan? 4.Additional payment calculator How much do you save by paying more or making additional payments than your initial mortgage terms? 5.How much can I borrow? Want to know how big of a mortgage you can take on? 6.Should I pay discount points? Not sure if you should pay discount points on your mortgage loan? 7.How much will I save by refinancing my loan? How long will it take to recoup the costs of refinancing my home mortgage? 8.How much will my tax deduction be? Want to know how much your home mortgage will save you in taxes? 9.APR calculator To find out the annual percentage rate of your loan, enter the loan amount, interest rate, points, other costs and year-length term. 10.Interest only monthly payment calculator To find out the monthly savings you could gain from an interest-only payment plan.
