Ready to apply for a mortgage California? Then you need to gather your paperwork. Here’s a convenient mortgage checklist to help you and your co-borrower prepare to file your mortgage application.
You’ll need your most recent bank statements for the last three months. These can be printed from your online statement. Be sure to collect all of your bank account statements for your checking, savings, and investments. If there are any large withdrawals or deposits, you’ll need to provide a written explanation.
Collect the previous two years’ worth of W-2s from your employer. You should be able to find this easily by going through your tax returns or asking the person who prepared your tax return.
If you owe any money, document how much debt you owe and to whom.
If you are self-employed or get paid commissions, you’ll need to show your previous two years of tax returns and the business returns you filed for your company, including all schedules and the personal, partnership, and corporate, if applicable. You also may need to show a year-to-date business profit and loss statement for this year if three months or more have passed since the end of the tax year.
Gather your most recent pay stubs from the prior month. If you get paid weekly, collect your last five pay stubs. If you get paid bi-weekly, gather your last three pay stubs. Or, if you get paid monthly, you’ll just need the previous month’s pay stub.
Home Purchase Contract:
You’ll need to provide a signed contract (by you and the seller) that shows you are ready to buy a new home.
Form 4506-T or 4506T-EZ:
Your mortgage officer will provide this to you. These forms allow the credit union to obtain a copy of your income tax return.
You will need to provide a copy of your license or state ID, and possibly your Social Security card.
List your current home’s address and any places you’ve lived during the previous two years. If you’ve been renting, please list your landlord’s contact information.
Depending on your personal situation, other requirements may apply. This is a general guide of the forms and documents most often required by your mortgage officer
. Once you’ve gathered your paperwork, reach out to set up an appointment.