Lake Shore Savings Bank is here to help you navigate every step of the home buying process, so you can stress less and focus more on your new home. See our complete list of home loan documents you’ll need to be able to jump-start the process.
The home buying process can seem overwhelming, so we’ve compiled a comprehensive list of all of the documents you need to gather before it comes time to buy. At the end of the day, the mortgage process is all about proving to lenders that you are a reliable option. Whether you’re applying for a home loan, looking to get pre-approved, or going through the loan estimate process, the list below will cover you no matter what comes up.
1. Pay Stubs
This allows lenders to see that you have a stable source of income. Plan on showing proof of at least 30–60 days’ worth of earnings.
2. Proof of Employment
While your pay stubs can prove employment, your lender may take it a step further and request a letter from your employer to further authenticate your employment status.
3. Tax Documents
Your W-2, 1099, or 2 years of tax returns can give lenders insight into your income while also demonstrating that you have paid your taxes.
4. Social Security Number
Your Social Security number will help lenders check into your credit report and thus access your credit score.
5. Bank Statements
Bank statements act as further proof of income and help give lenders an idea of how much money is coming in and out of your accounts each month by looking at common transcastions and more.
6. Debt Information
This could include information about any monthly debt payments, such as car payments, student loans, and credit card debt. You should also plan to disclose any other property you own as real estate debt.
7. Retirement and Brokerage Account Statements
You are able to use these accounts to qualify for a mortgage, so if that’s a part of your plan, aim to collect a comprehensive look at each over the last 30–60 days.
8. Residential History and Proof of Rent
Some lenders may require a list of your past residences for the last 2–3 years, but they may also be looking for proof of rent payment for the last 12 months.
9. Divorce Decree
This can likely be considered under monthly debts, but in the case of divorce and if you are paying any alimony, plan to compile your official divorce decree to verify.
If you are a first-time homebuyer or looking to refinance your current home, Lake Shore Savings Bank is your resource for all things mortgage. For more assistance in the process, stop by one of our many local branches to talk to a representative or head to LakeShoreSavings.com/Mortgage for more information.