Bank Loan Applications
Lenders are becoming even stricter when it comes to getting an initial mortgage loan or for refinancing. Whether the borrower is working with a bank, mortgage company, or savings and loan, they are going to have to provide more documentation covering a longer time period. If you are planning on trying to get a mortgage, it makes sense to begin to compile the documents you will need now.
The lender will be looking for the borrower to be able to document four things:
- Income necessary to make payments
- Sufficient funds for the down payment
- Expenses
- Employment and address information
Most lenders operate in a similar fashion. Information for this article came from Third Federal Savings Bank.
Documentation Necessary to Support Income for a Home Loan
Lenders require you to prove that you have enough income to make the payments on the loan, taxes, and insurance. For individuals that are employed, the lender will require copies of pay stubs. Generally, 30 days, or four weeks worth of history will be sufficient -- the lender will specify what they need. You should have copies of W-2s for two prior years available, as some lenders will require an income history.
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