Information a Mortgage Lender Needs

If you are going to apply for a mortgage, you will likely need to supply your lender with a lot of personal and financial information. By knowing ahead of time what you will need to provide, you may be able to make the application process quick and smooth. Here is a list of the most important documents you may need to give to your lender.

1. Credit History

Your credit score can affect your eligibility for a loan and factor into the terms a Mortgage Lender offers you. You may need to provide a full credit report that includes information about your history of debts and payments.

2. Tax Returns

Your tax returns can provide a lender with a good overview of your financial situation. A lender such as Sun West Mortgage may ask for the past year or two of returns. Some lenders may require additional data.

3. Proof of Income

You need to prove that you can make the monthly payments on your loan. To do so, you may need to provide pay stubs or W-2 statements from your employer. If you are self-employed, you may need to bring 1099 forms or other official documents detailing your income.

4. Bank Statements

Sometimes mortgage lenders need to consider your existing financial assets to determine your eligibility for loans. You may need to provide bank statements and investment portfolios. Most mortgage lenders require a detailed overview of your financial situation. Providing your tax returns, credit report, and bank statements can help you secure a loan.