Even if you won’t begin house hunting for a year or more, it’s never too early to start gathering the paperwork you’ll need to get a mortgage. Amy Fontinelle from Interest.com answers the question “What is on a Mortgage Application?”
Below are the items on her mortgage paperwork checklist.
What’s different about her list from others we’ve seen is how she breaks down the different income types you must account for. You certainly don’t want to overlook any of them.
- Debts and monthly payments
- Income from your job
- Self-employment income
- Sales commissions
- Unemployment income
- Disability income
- Child support and alimony
- Other income
- VA loans
- Down payment assistance
- Homeowners insurance (if refinancing)
Twenty years ago, when we bought our first home, we kept all of our important mortgage paperwork in manilla file folders. Today, organizing the items needed for a mortgage is easier than ever.
For the mortgage on our vacation home, I organized everything in a (local) notebook in Evernote. And, because everything was already scanned, it was super easy to submit it all to our mortgage lender when the time came.
And although the task of gathering all of the things needed for mortgage application seems daunting (and no lie, it is) by planning ahead, you can break the process down into smaller, more manageable tasks. Work on gathering income information one day (or week) and gathering debt information another.