When you apply for a mortgage loan with Wyndham Capital Mortgage or any lender, the lender will require some documentation. If you want your home loan process to go quickly and smoothly, you will need to have your paperwork in place and ready. It may seem like you have to dig up every piece of paper ever produced but there are really only a handful of things you should have.
Income
Documentation of your income will be essential to fast loan processing time. Here are a few of the essentials you should have on hand. The expert staff at Wyndham Capital Mortgage can give you more specific details on what items you should have for your loan application.
- W2 forms. At least 2 years should be provided to your lender.
- Pay stubs. Most lenders like to see at least 30 days’ worth for each wage earner.
- 1040 forms. You’ll need these if you are self-employed, own rental property or earn a significant amount from interest, capital gains, commissions or bonuses.
- Pension and/or social security letters.
- Year-to-date profit and loss statement. Self-employed borrowers will need this.
Assets
You should also be ready to document all of your assets. Here are a few ways to document your assets.
- Stock statements. About 2 months of documentation should be sufficient.
- Bank statements. These should go back 3 months. Have statements for each deposit account like checking, savings, and money market and brokerage accounts.
- Child support and/or alimony payments.
- Retirement asset statements. Documentation on your 401K and other retirement accounts may be required.
- HUD statements. If you have recently sold a home or have a home for sale you may need a HUD1 statement.
- Documentation of gifts. If you have been gifted funds for the purchase of your home, you will need to provide a copy of the check or a deposit receipt showing these funds.
Credit Items
You may also be asked to provide documentation or explanation of items in your credit history.
- Explanation of negative items on credit: late payments, collections, judgements, leins, charge offs or recent credit inquiries.
- Copies of bankruptcy claims. If you have filed in the past 7 years, be prepared to provide a copy of the paperwork.
- Contact information for your landlord. If you are a renter, your lender will want to check your history so have your landlord’s full name, phone number and address.
This is not a comprehensive list. It’s just a basic outline to help you get started collecting your documentation. There may be specific items that a particular lender wants that have not been listed here. Calling a loan professional at Wyndham Capital Mortgage will help you figure out what paperwork you need to locate and what won’t be necessary for your mortgage application.
