6 Documents Needed For Mortgage Pre-Approval

Are you ready to complete your first mortgage application or has it been a while since the last time you completed an application and everything has changed from what you remember? This article talks about the 6 documents you need to complete an application like a PRO!

Almost all mortgage applications are online. 

Pro Tip: Create a folder on your computer so you can put all docs in one place. 

1. Pay Stubs - Lenders need to verify our income.  You may not receive pay stubs on a regular basis but I guarantee you still get the,  Contact your HR department.  They will be able to give you guidance on where to look.  You will want to pull the last 30 days and then as you get closer to closing you may be required to pull more current stubs.  You will need to go through the same process for each job if you have more than one job.  Make sure you document all your other income sources as well if you get other income like social security, pension, child support, and alimony.

Pro Tip: Screenshots will not be accepted.  Your lender will want to see a .pdf of your pay stubs. 

2. W2s - Gather your W2s for the past two years.  They will want to see how much you are making year to year.  Also, if your income has increased or decreased.  Wondering where to find your past W2s?  Go back to your tax preparation files or ask your tax preparer if he/she has them on file.  As a last resort, you can request them from IRS tax transcripts.  You will need your W2 from each employer you had in the previous two years. 

3. Credit Report - You will not need to supply our credit report.  You will provide your social security number to your lender along with permission for the to pull your credit.  Your lender will pull credit from all three bureaus, Experian, Equifax, and Transunion. Most lenders will choose your middle credit score. 

4. Bank Statements - Download your bank statements for the past 60 days.  These should include your checking, savings, and any other bank statements you may have.

5. Rental History - You will not need to supply a document.  You will provide your rental or mortgage history and then your lender will call to verify the information you provided. 

6. Photo Identification - Your lender will want a photo ID to verify that the person applying for the mortgage matches the supplied ID. 

Pro Tip:  Be truthful.  Everything on your application is verified in the underwriting stage. 

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Interested in buying a house and don't know where to start? Download a copy of my informative buyer's guide to help walk you through your home-buying process.  You can also visit my YouTube Channel for a series of videos about how to go about buying your next home.