10 Things a Lender Needs from You

So, you're looking to buy a home?  To make the process a little easier, doing some prep work beforehand (see 10 Tips for Taking the Home Ownership Leap) can be beneficial.  One step you can take that many sellers like to see, is to be pre-qualified or pre-approved for a home purchase. Before meeting with your mortgage lender, gather the following materials:

1. Copy of one or more months of pay stubs for every person signing the loan.

2. Copy of two to four months of bank statements for checking and savings accounts.

3. Copy of personal tax forms for the last two to three years.

4. W-2 forms (or business tax return forms if your self-employed) for the last two or three years for every person signing the loan.

5. Copy of brokerage account statements for two to four months, as well as a list of any other major assets of value, e.g., a boat, RV, or stocks or bonds not held in a brokerage account.

6. Copy of your most recent 401(k) or other retirement account statement.

7. Documentation to verify additional income, such as child support, pension, etc.

8. Account numbers of all your credit cards and the amounts of any outstanding balances.

9. Lender, loan number, and amount owed on other installment loans—student loans, car loans, etc.

10. Addresses where you lived for the last five to seven years, with names of landlords if appropriate.