Applying for a mortgage is a huge effort that requires diligence and patience. Allowing lenders to sift through your financial history to predict your financial future can be frustrating and time-consuming, but you make the process considerably easier by gathering all necessary paperwork prior to your application. Start with these three crucial pieces of information and you’ll be in good shape:
Proof of Income
Proof of steady income and last year’s W-2 form, your most recent pay stub, and your tax returns from the past year are just the beginning. Be aware that one item can occasionally necessitate more items, so be deliberate in your paperwork gathering, taking into account all earnings in and outside of your day job.
Debts and Assets
A comprehensive breakdown of all your debts including credit cards, student loans, car loans, alimony and child support payments, along with an inventory of assets including bank statements, investment records, retirement accounts, and auto titles, help your lenders get a clearer picture of your financial future.
IRS Form 4506-T
Depending on the lender, an IRS Form 4506-T may be required. This IRS Form verifies that all of the data on your W-2, 1099 or 1040 matches what was reported on your application.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580
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