Preparing for the Mortgage Process with a Definitive Document Checklist

Purchasing a home is a major milestone on life’s journey. Even if this is something you tackled in the past, it’s essential to be properly prepared for the mortgage process.

First, you should get pre-qualified. A mortgage pre-qualification will give you an estimate of how much you can borrow making the home buying process more enjoyable. If you’re not sure where to start or it’s been some time since you’ve purchased a home, contact one of our loan officers or apply online. Once you get pre-qualified start gathering your financial documents by using our mortgage checklist below. After you’ve found the perfect home, contact your loan officer. Having all of your mortgage documents ready to go will make the home buying process much easier.

Compile Your Financial Mortgage Documents

• Identification Documents: You’ll want to start with identification documents like a driver’s license and social security card. These documents are necessary for buyer verification and detecting any fraudulent activity.
• Income verification: Your perspective lender is going to need to see that you have a steady income, so you’ll need to present copies of the following:
  • Two-three years’ worth of income tax returns
  • Pay stubs from the last 30 days
  • Calculate any overtime, bonuses or additional pay you received
• If You’re Self-employed: Gather your year-to-date profit and loss statement along with two years of records and 1099 forms used to report income and file taxes.
• Rental Properties: Do you have rental properties? Pre-qualification mortgage documents should also include all rental income, addresses, leases and current market values of the properties.
• Asset Verification: The next mortgage documents to check off your pre-qualification list are asset statements.
  • Compile 60 days’ worth of statements for every asset account you’re using for mortgage pre-qualification
  • Two months of statements from IRAs, stocks, bonds and CDs
  • Quarterly statement from your 401k accounts showing the vested balance
• Debt & Credit History
  • Two to three months’ worth of statements for all credit cards, student loans, personal loans and auto loans
  • Have any credit explanations on hand for late payments, collections or judgements

Additional Documents Needed for the Mortgage Process

• For Renters: First time homebuyers will need to show payment records for the past year and contact information from landlords for the past two years.
• For Current Homeowners: Present records of your current mortgage payment history and any outstanding balances.
• Court Orders: Procure any documents from the court including divorce decrees, child support or alimony payments. This also includes anything from bankruptcy or foreclosure statements.
• Down Payment Information: A prospective lender will want to talk about your down payment options, so you’ll need to show the sources of the money you want to use. If that includes a monetary gift, be sure to have a letter from the donor showing that they don’t expect to be paid back. This isn’t always required for pre-qualification, but it’s a good step to cross off your list.
• Purchase Contract: The purchase contract signed by both parties will need to be provided to your lender as soon as possible.

This mortgage checklist should serve as an aid to help establish your budget and streamline your home buying options. Another important step in the homebuying process is choosing the right lender. With over 150-years of experience, WesBanco has earned a reputation for being a trusted lender. Our hands-on approach and skilled loan officers will walk with you during every step of the mortgage process from pre-qualification to home sweet home.

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Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.