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To get approved for a mortgage, there are quite a few documents you’ll need to get in place before starting the process. These documents will typically need to be emailed or uploaded onto a loan portal so having digital copies/PDFs of everything is crucial. Getting organized before you apply will get you get approved faster and make your life and your lender’s life easier!
The main documents you'll need to provide to get a mortgage are:
For any loan you are applying for, you will need to prove that you are who you say you are by verifying your identity. Since it’s common practice to use an online loan portal during the process, you can verify your identity online by simply uploading a photo of your ID.
You can verify your identity using the following:
Once your identity is confirmed, you’ll then need to prove you can make monthly payments on your new mortgage. Your borrowing power is calculated using the net amount left after your monthly income and deducting your expenses.
Your proof of income can be shown by providing:
If you are using an online platform during the process, you can upload these documents directly to save you time!
Important: Keep in mind, that education counts as history when applying! Self-employment must be greater than 2 years by the same business and a signed offer letter may be required to show proof of employment.
Before getting approved for a mortgage, lenders will require you to declare your expenses. You may be required to share expenses such as childcare, student loans, credit cards, insurances, medical/health expenses, utilities, etc. It’s a good idea to consider your everyday spending and reviewing your bank statements before applying so you can compare them against a typical mortgage installment to make sure you’ll be able to afford your new mortgage payment. Many times borrowers can get pre-approved for a high loan amount because it doesn’t factor in what you might be spending daily or monthly and it's easy to underestimate your expenses and forget simple everyday costs.
To ensure you are transparent in your spending, consider making a comprehensive list of your monthly expenses. By aligning your income and expenses, your lender can assess how much you can afford, and your ability to make monthly mortgage payments.
Assets are anything that has a monetary value. Lenders can use your asset position to assess your lifestyle and can impact your chances of approval negatively or positively.
Multiple assets may also make lenders feel more confident about your security as a borrower since the sale of these assets could help repay your mortgage in the event of an unexpected loss of income.
You'll be asked to declare and provide details on:
Liabilities are any financial debts or obligations you may have. Before being approved for a mortgage, lenders will need to know if you have any outstanding debts and how long the terms are.
You'll be asked to provide details on any:
By providing all of your income, debt, and identification details, you are giving your lender the information they need to make sure you are comfortable giving you a mortgage! Keep in mind that while the above docs are standard for most loan applications, additional types of documentation may be required for specific loan products/types. The good news is that once you have gathered all relevant documents, you can upload and verify them by applying online by clicking on the button below.
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We also created this Loan Document Checklist for you to print out at your convenience to help you get organized and prepared for your mortgage journey!
*This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.
This information is provided for convenience only, and Family First Funding LLC and its affiliates (“FFF”) make no warranties concerning the accuracy or completeness of any of the information. Information is subject to change without notice, and FFF is under no obligation to provide updated information. This is not financial, tax, compliance or legal advice and should not be taken or relied upon as such. Each individual should consult with his/her financial, tax, compliance or legal professional. Mention of product, process or service shall not be construed as an endorsement or recommendation by FFF.