The Loan Process

Be sure to respond promptly to requests for information while processing is taking place.

Be prepared to provide the following typical items:

• The final purchase contract for the house (if applicable).
• Pay stubs for each applicant, showing earnings for the last 30 days and year-to-date earnings. (These must be computer-generated or typed originals that identify the employer and the employee's name.)
• Last year's W2 and 1099 for each applicant. If you're self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company's year-to-date Profit and Loss statement.
• Account numbers for all bank accounts, along with account statements for the past two months.
• Information about debts, including loan and credit card account numbers and the names of your creditors.
• Evidence of your mortgage or rental payments, such as canceled checks.
• An irrevocable gift letter if you are receiving a monetary gift from a relative.