Mortgage Documents
Each lender may have a different list of required supporting documentation for loan approval
Some of the standard documents required for most mortgage loans are:
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proof of income (W-2's)
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proof of assets to demonstrate that you have enough in savings for the down payment
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a remaining reserve of money
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tax returns
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copy of driver’s license or U.S. passport
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your social security number and signature
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bank statements (3 months)
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investment account statements, including stocks or bonds
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closing cost
key areas that a mortgage lender will look at to qualify you for a mortgage are credit, income, assets, and debt.
Your credit is one of the most important things that will be taken into consideration when determining whether you are eligible for a mortgage.
To answer this, a lender will look at the length of your credit history, how reliable you’ve paid on your loan accounts, and if you’re maxed out on credit cards or loans.
Another factor has to do with your debt-to-income ratio.
These are just your fixed expenses, including your new mortgage, based on your gross monthly income.
Lenders also verify that the funds you're using for your down payment are in a liquid account, such as a chequing or savings account.
They should know the origin of any funds used in your transaction.
Finally, lenders will also want to see a stable employment history and will verify your last two years of work.