Mortgage Loan Documents Checklist 2022

When applying for a mortgage loan, having the right documents prepared is crucial to a smooth application process. This checklist provides a comprehensive guide to the documents you’ll need in 2022 to ensure that your mortgage application is processed efficiently.

1. Personal Identification

• Government-Issued ID: A valid driver’s license, passport, or state ID card to verify your identity.
• Social Security Number: Your Social Security card or a document showing your Social Security number.
• Proof of Legal Residency: For non-U.S. citizens, a permanent resident card or visa.

2. Income Verification

• Pay Stubs: Recent pay stubs from the last 30 days showing your income and deductions.
• Tax Returns: Complete tax returns for the past two years, including all schedules and W-2 forms.
• Employment Verification: A letter from your employer confirming your employment, position, and salary.
• Bank Statements: Recent bank statements for the past two to three months showing your financial activity.

3. Asset Documentation

• Bank Statements: Recent statements for all checking, savings, and investment accounts.
• Retirement Account Statements: Statements for 401(k), IRA, or other retirement accounts.
• Property Deeds: If you own other properties, provide deeds or titles for those properties.

4. Debt Information

• Credit Report: A recent copy of your credit report, or authorization for the lender to obtain it.
• Loan Statements: Statements for all existing loans, including auto loans, student loans, and personal loans.
• Credit Card Statements: Recent statements for all credit cards showing balances and payments.

5. Property Information

• Purchase Agreement: A signed purchase agreement or sales contract for the property you’re buying.
• Property Listing: Information about the property, including the listing and recent appraisals.
• Homeowners Insurance: Proof of homeowners insurance or a quote for coverage.

6. Additional Documents

• Gift Letters: If you’re receiving financial help from family or friends for the down payment, a gift letter detailing the amount and the donor’s relationship to you.
• Divorce Decree: If applicable, a copy of your divorce decree or separation agreement.
• Bankruptcy Discharge Papers: If you’ve filed for bankruptcy, provide discharge papers or a letter from the court.

7. Proof of Down Payment

• Down Payment Verification: Documentation showing where the down payment funds are coming from, such as a bank transfer or withdrawal slip.

8. Miscellaneous

• Letter of Explanation: A written explanation for any discrepancies or unusual items in your financial history.
• Property Tax Statements: Recent property tax statements for any properties you own.

By gathering these documents ahead of time, you can streamline the mortgage application process and avoid delays. Ensure all documents are up-to-date and accurately reflect your financial situation to increase your chances of mortgage approval.