Be Prepared When Applying for a Mortgage

Are you ready to Apply for a Home Mortgage? If you’ve ever applied for a mortgage, you know how much documentation is needed. If not, it’s important to know exactly what you’ll need to keep the process going smoothly. Your type of income determines the documentation you’ll need to provide in most cases. If you’re a W-2 employee (taxes are taken out of your paycheck) will need two years of W-2 forms, and if you rental property or commissionable income, or your bonus exceeds 25% of your salary, you’ll need two years of income tax returns. "It’s important to know exactly what is needed." You also need 30 days worth of recent paycheck stubs, two months worth of account statements for check, savings, retirement; anywhere that your money comes from. You also need to provide 24 months of employment residence history, along with identity verification like a driver’s license, social security card, or passport. For those who are self-employed or a contractor (taxes aren’t taken out of your paycheck) you’ll need two years worth of 1099 and K-1 forms, two years of full personal tax returns, and if you own more than 25% of the business, you’ll need two years of the business tax returns as well. Everyone will also need to provide a year-to-date profit-loss, to show that your income is in line with the tax returns from an income and expense standpoint. We’ll help you with that.

An episode of the The Spring Mortgage Team Podcast with Rob Spring podcast, hosted by Rob Spring, titled "Be Prepared When Applying for a Mortgage" was published on May 23, 2016.

May 23, 2016 · The Spring Mortgage Team Podcast with Rob Spring

Summary

Are you ready to Apply for a Home Mortgage? If you’ve ever applied for a mortgage, you know how much documentation is needed. If not, it’s important to know exactly what you’ll need to keep the process going smoothly. Your type of income determines the documentation you’ll need to provide in most cases. If you’re a W-2 employee (taxes are taken out of your paycheck) will need two years of W-2 forms, and if you rental property or commissionable income, or your bonus exceeds 25% of your salary, you’ll need two years of income tax returns. "It’s important to know exactly what is needed." You also need 30 days worth of recent paycheck stubs, two months worth of account statements for check, savings, retirement; anywhere that your money comes from. You also need to provide 24 months of employment residence history, along with identity verification like a driver’s license, social security card, or passport. For those who are self-employed or a contractor (taxes aren’t taken out of your paycheck) you’ll need two years worth of 1099 and K-1 forms, two years of full personal tax returns, and if you own more than 25% of the business, you’ll need two years of the business tax returns as well. Everyone will also need to provide a year-to-date profit-loss, to show that your income is in line with the tax returns from an income and expense standpoint. We’ll help you with that.

Episode Description