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What documents do I need to bring?

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Before a lender releases funds to you, it wants to know all about your income, assets, and debts. It will run a credit check on you, but you'll also need to bring in certain documents as proof of your financial situation. These documents likely include:

• W-2 Forms--Bring in W-2s for the past two years so that employers can examine your job history. If you're self-employed and don't receive W-2s, bring in profit-and-loss statements.
• Pay Stubs--Pay stubs from the past thirty days confirm your current employment and level of income.
• Financial Statements--You'll need three months' worth of bank statements (checking and savings), as well as summaries of your IRA, mutual fund, and 401k accounts.
• Tax Returns--If you're self-employed, you'll need to include business tax returns; otherwise, you just need your past two 1040s.
• Property Information--If you already have a contract on the mortgage property, bring in that contract, as well as the survey or title policy and the MLS listing card.
• Legal Proceedings--Lenders want copies of any bankruptcy proceedings in which you have been involved as well as any open cases from which you might incur debt and divorce decrees and child support judgments.
• Miscellaneous Assets or Debts--Make a list of large assets and debts that do not show up elsewhere in your documentation. Typical assets include large financial gifts and personal property while standard debts include outstanding student and car loans and credit card balances.
• Current Residence Information--If you currently rent, you'll need either a letter from your landlord or twelve months' canceled checks proving that you have made your payments. If you currently own your home, you'll need proof of that ownership.

Of course, the above list is only a starting point. Provide everything your lender requests, and be honest if you can't locate the proper paperwork. The more documents you have, however, the better, so starting saving your financial records now.

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