You’ve just finished submitting your loan application to your loan officer, sharing what feels like your entire life’s information. Then you receive a list of mortgage documents you need to share with your lender and it seems more exhaustive than the application! It can be overwhelming to see everything that they need and can feel a bit like an invasion of privacy. But the documentation asked for is important and all have a purpose, and we’re here to put your mind at ease when it comes to how and why you share them.
One of the most vital aspects of obtaining a mortgage is your income. You tell your loan officer how much you make and they use that to calculate if you are qualified. That used to be enough, however now the income you state needs to be verified. Depending how you receive your income will depend on what documentation is needed. Generally we will request pay stubs, previous two year’s W2s and complete tax returns. If you are starting a new job, we will also ask for an employment contract. All of these items will allow us to verify your income to ensure qualification.
Another important aspect of obtaining a mortgage is your available assets. Between your down payment, pre-paids and closing costs, obtaining a mortgage can be expensive! When you come to closing you will need to bring a check or wire transfer to pay for these items, and we need to verify beforehand that you will have enough to do so. We will ask for complete copies of your bank statements for any account you will use for the mortgage process. This includes accounts that you may transfer money out of to pool into one main account that your closing costs will come out of. We will also need any retirement or investment statements if you plan to liquidate funds in order to use them for your mortgage. An important note for any asset statements you provide: we need EVERY page, even if it says “Intentionally left blank” or contains information you may not think is important to us; we need it all!
Aside from the main documents pertaining to income and assets, there are other types of information we will need. If you are receiving a gift of funds, we also will need a gift letter signed by the donor. If you have had recent late payments or credit pulls, we will need letters of explanation for these. There may be other items that may come up that will require explanation letters. We will need any invoices for inspections or work done on the subject property prior to closing. As your file is processing you may be asked to share more information. Many times this is to clarify items on what you have already provided to us.
Yes! The best way to share your documentation is through our secure online document submission form. This provides a direct upload to our office and ensures the information is only accessible by us. You can find our supporting document submission form on our website. In order to ensure that your documents get exactly to the person you work with, we first have you choose the office you are working with.
Once you have selected the Title Mortgage Solution office you are working with you will be able to fill our your information including choosing the loan officer that you have been working with. You will attach your files and rest assured they are going to exactly who they need to go to.
We use Dropbox to collect these files which keeps them protected from the moment you hit send. If you have any questions about the documentation required or would like further explanation, please contact your loan officer directly. The mortgage process may require a lot of steps and mortgage document collection but the end result is absolutely worth it!