{"id":6816,"date":"2021-11-16T14:59:53","date_gmt":"2021-11-16T14:59:53","guid":{"rendered":"https:\/\/www.guidanceresidential.com\/resources\/?p=6816"},"modified":"2021-11-23T14:09:06","modified_gmt":"2021-11-23T14:09:06","slug":"documents-needed-for-mortgage-pre-approval-process","status":"publish","type":"post","link":"https:\/\/www.guidanceresidential.com\/resources\/home-buying\/documents-needed-for-mortgage-pre-approval-process\/","title":{"rendered":"6 Documents Needed for the Mortgage Pre-Approval Process"},"content":{"rendered":"\n

When you\u2019re applying for home financing, you want to make sure you know how to qualify for a mortgage<\/a> to keep the process going as smoothly as possible. One of those steps is to provide documents that verify your income, assets, and other major obligations you might have. This will allow the financier to determine how much to approve. <\/p>\n\n\n\n

Because the length of the mortgage pre-approval process<\/a> does take some time, it\u2019s a good idea to start gathering the documents you\u2019ll need as soon as you decide to buy or refinance a home. This will make it easier for you and speed up the approval process.  <\/p>\n\n\n\n

Here\u2019s a list of the main documents needed for the mortgage pre-approval process. <\/p>\n\n\n\n

Mortgage Pre-Approval Checklist: 6 Documents Needed <\/h2>\n\n\n\n

The documents your home financier will require fall into several categories. Most of these documents are required for all applicants but keep in mind you may need additional documents for verification based on your unique situation.  <\/p>\n\n\n\n

1. Identification Documents <\/h3>\n\n\n\n

The financier first needs to ensure that they\u2019re working with you and not someone pretending to be you. So, you will need to provide a valid government-issued ID with a photo. U.S. citizens should provide a copy of their passport. Non-citizens who have a Green Card should provide a copy of it along with a copy of their driver\u2019s license. Non-citizens who do not have a Green Card must provide a copy of their Work Visa.    <\/p>\n\n\n\n

2. Bank Statements <\/h3>\n\n\n\n

Your income and assets are major factors in determining how much funding you qualify for.  You\u2019ll need the most recent 60 days\u2019 bank statements to show that you are prepared to cover the down payment and closing costs. Make sure to include all pages associated with all checking and savings accounts, even if that page is blank.  <\/p>\n\n\n\n

If you\u2019re self-employed or a business owner, you\u2019ll need three months\u2019 business bank statements as well as two years\u2019 year-to-date profit and loss statements. <\/p>\n\n\n\n

3. Tax Documents <\/h3>\n\n\n\n

Track down your most recent two years\u2019 W-2 forms and two years of personal tax returns. Again, make sure to copy all pages. You\u2019ll also need to provide your most recent 30 days\u2019 pay stubs showing year-to-date earnings. If you\u2019re self-employed or own your own business, you will need two years\u2019 business tax returns instead.    <\/p>\n\n\n\n

4. Other Income Sources <\/h3>\n\n\n\n

Provide documents to verify other income sources you want the financier to consider.  <\/p>\n\n\n\n