Documents Needed for Mortgage Contracts

Written by chris joseph
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Documents Needed for Mortgage Contracts
Obtaining a mortgage loan requires a variety of documents (house image by kruszek from Fotolia.com)

Anyone who has entered into a mortgage contract knows that the paperwork and documentation involved can be overwhelming at times. Lenders require a variety of documents to verify things like your income, work history and net worth. To make the process go more smoothly and quickly, have certain documents at the ready.

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Income and Employment

Mortgage lenders will need to verify your income, so you will need to provide copies of your federal tax returns for the previous two years and your pay stubs for the previous month or two. You will also need to verify your employment history with copies of your W-2 forms, or 1099 forms if you are an independent contractor. The longer you have been working for the same employer or working in the same industry, the better.

Credit Report

You will need to authorise your lender to order your credit report. Lenders use your credit score as a factor in determining your interest rate, or even if you are eligible to take out a mortgage loan. Your credit report will also help lenders determine your ratio of income to debts.

List of Assets

You will be asked to furnish information concerning all assets that you hold to help determine your overall net worth. Assets can include mutual funds, stocks, bonds, real estate holdings and retirement accounts, to name a few. You will need to supply bank statements for checking or savings accounts for the previous two to three months.

Current Home Information

If you currently own a home, you will need to furnish information about your mortgage, if you have one, including name, address and telephone number of the lender. You will also need the name and phone number of your homeowners insurance agent. If you rent, the lender will ask for the name and phone number of your landlord.

Purchase Agreement

You will need to furnish documentation concerning any purchasing agreements you've entered into concerning the property. If you don't have the documents, your real estate agent should be able to supply them.

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