Be prepared – documents you’ll need to apply for a mortgage

When applying for a Maine Home Loan, it’s very important to start putting together all of the documents needed to be approved for your loan.  Long gone are the days of no doc/limited doc home loans.  Borrowers now must provide much more information to prove to your Maine Mortgage Specialist that they do qualify for a new purchase or refinance transaction.  Here is a simple checklist of documents you will need when applying for a new Maine Home Loan.

Refinance and Purchase

_____Last Two Pay Stubs, Borrower and Co-Borrower

_____Last Two Months Bank Statements (Originals, All Pages, not off the internet)

_____Most Recent Asset Statements (Money Market. 401K, etc Originals, All Pages)

_____Last Two Years W-2s, Both Borrowers

_____A Copy of Your Driver’s License, Borrower and Co-Borrower

_____A Recent Utility Bill(s), Showing Borrower and Co-Borrower on the Bill

_____Last Two Year’s Tax Returns, Federal Returns Only, All Schedules

_____Corporate Tax Returns and K-1s if Applicable

_____Copy of Borrower and Co-Borrower’s Social Security Cards

_____A Recent Mortgage Statement

_____A Recent Tax Bill

_____A Recent Homeowner’s Insurance Bill and Policy Number or

_____The Name, Address and Telephone Number of Your Insurance Company

_____A Copy of the Deed

_____Statements for All Debts Being Paid Off at Closing

Purchases Only

_____Listing Sheet

_____Deed

_____Purchase & Sale Agreement

_____Gift Letter

Mortgage lenders require borrowers to provide documentation to verify identity, property information, income and equity/down payment. These documents are known as conditions that the borrower must satisfy in order to receive a full-fledged mortgage approval (up until that point, the mortgage that you are offered is referred to as a “conditional approval”). When you are asked to provide certain documents – such a job letters, purchase contracts or bank statements – it’s important that you provide complete and accurate documents in a timely manner.

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