A mortgage file is a story an underwriter can check. The documents are the evidence. Most of them are things you already have. The delay usually comes from the one statement that is missing a page.
Income
Pay stubs covering about the last 30 days show that the job is current. W-2s for two years show that it was not invented last month. If you are self-employed, expect personal tax returns and often business returns, plus a year-to-date profit and loss. A lender generally uses taxable income, so a year with large write-offs can qualify you for less house than your lifestyle suggests. That is frustrating and it is also the rule on most loans. Know it before you make an offer.
Assets
Two or three months of bank and retirement statements show that the down payment exists and where it came from. A large deposit that is not payroll will get a question. “It was a gift from my parents” is a normal answer, and it needs a gift letter. “It was cash I kept at home” is a hard answer. Do not move money around to make the statements look simpler while you are in process. Ask first.
Debts and credit
The application asks about car loans, student loans, credit cards, and other mortgages. The credit report will show most of them anyway. If something on the report is wrong, AnnualCreditReport.com is the official place to get the reports and start a dispute. Do not open a new car loan in the middle of a mortgage because the payment looked affordable on a Saturday.
The house
On a purchase, the signed contract, the appraisal, and the title work belong in the file too. You do not gather the appraisal yourself. You do need the contract. On a refinance, statements for the current mortgage take the contract’s place.
The longer checklist is on the documents page. If a lender asks for something that is not on it, that is normal. Guidelines are not a single national form.
General education from Freedom Family Mortgage. Not a rate quote, not tax advice, and not a commitment to lend.