Understanding What You Need for a Mortgage Application

Whether or not you have received preapproval or prequalification for your home loan, when it comes time to actually fill out your mortgage application, you will still need a pile of documentation. Here are some of the things that you will need to make sure you have for your mortgage application:

• All the details about the home you intend to purchase or build
• Information on all of your assets (bank accounts, investments, insurance policies, etc.) and liabilities (debts, car loans, other income drains)
• Detailed employment information (W-2s, income tax returns, pay stubs)
• Personal information (marital status, dependents, etc.)
• Written explanations of problems such as bankruptcy, employment gaps and other issues