McGrath Realty Inc Mount Kisco
Elisa Bruno-Midili, McGrath Realty Inc Mount KiscoPhone: (914) 912-1355
Email: [email protected]

Mortgage application: The documents you'll need to apply

by Elisa Bruno-Midili 07/24/2023

Documents you'll need when applying for a mortgage loan featured image

Paperwork is a huge part of the mortgage process, so the better prepared you are - the smoother applying for your mortgage loan can be. 

There are three categories of documents your lender may request: income, expenses, and assets. Knowing what to expect can help you gather your paperwork and turn it in with ease. 

Income verification

Mortgage lenders typically verify your income in two different ways. First, they’ll want to see your most recent Form W2 or Form 1099 (if you are self-employed), and they may also ask you to provide recent tax returns. 

Some lenders may accept signed copies of your tax returns; however, many also use the IRS income tax verification process to ensure the forms you provide are the same as the forms filed with the IRS.

In addition to tax information, be prepared to send in at least a month’s worth of pay stubs to your potential mortgage lender.  

Expenses verification

Along with income verification, your lender may request verification of your expenses to get a better idea of your debt-to-income ratio. Providing them a copy of your credit report is a great way to show previous debts and other financial responsibilities on your plate. 

Along with debts, a lender will generally ask for proof of previous rent or mortgage payments. You can provide a copy of the checks used to pay your rent; however, some lenders may ask you to sign a form allowing them to verify your rent independently, without you having to send in documents. 

Verification of Assets

Lenders also ask for borrowers to send verification of assets owned. This may include but is not limited to: stock portfolios, IRA accounts, or other liquid assets.

Although this list isn’t completely comprehensive of all documents needed, it’s a great place to start when preparing for mortgage loan approval. 



About the Author
Author

Elisa Bruno-Midili

MEET ELISA 

Passionately rebellious, Elisa crafts the industry with individual style and taste. Whether creating collaborative partnerships or brand strategy she digs deep to uncover details and desire. A conscientious contributor and community connector with a message and a mission. Lover of nature, yoga, food, farms. A local guide, photographer and data junkie. Most proud of 2 daughters, 2 granddaughter and husband Ron! 

Now a member of the Ronald Midili Home Team Elisa is positioned to be a guide and resource for all things real etsate. A NYS Licensed Associate Broker at McGrath Realty Inc and a 36 year real estate veteran specializing in sellers who are downsizing or relocating. Creating a stress-free, educational and supportive real estate experience WITH YOU IN MIND. Connecting people with communities and the lifestyle they want and deserve.

Experience the power and comforts of home!