What statements are needed for a mortgage?

Applying for a mortgage is a large step towards borrowing money for a new purchase. You should, however, be aware of the paperwork required to receive a mortgage. Today, we will go over a few statements that you’ll need. Let’s get right in!

Credit Score

One of the main pieces of information that mortgage lenders will want to see is your credit score. You wouldn’t want to give money to someone who was untrustworthy, right?

The same goes for lenders; they must make sure that your credit score is high, indicating that you will consistently make full payments.

Identification

All lenders will need to see at least one ID but may require multiple forms of identification. This provides them with security, knowing that you are who you say you are.

Typically, lenders will want to see a driver’s license, social security number, passport or another official form of identification.

Tax Returns

Before giving you a mortgage, lenders want to be sure that you are diligently paying taxes. Expect to fill out Form 4506-T, which will allow lenders to see your tax returns.

Once again, this is another precautionary method for lenders.

Bank Statements

Another important piece of information that lenders consider is your bank statements.

Many lenders will request to review statements from your bank. This will allow them to assess your assets, investments, and any other pertinent information.

Evidence of Income

Paying for a mortgage requires a steady stream of income. Before forking over money, lenders will want to see proof that you or your spouse have a steady job.

Some lenders may want to see how much you make annually to determine if you can afford the mortgage payment.

Hopefully, you now know the statements needed to get a mortgage. If you are making a major purchase and need a mortgage, make sure to have these documents prepared.