What documents are needed to apply for a mortgage?

If you're a first time homebuyer, then the process can seem overwhelming. This video series, presented by Chase Home Lending, translates relatable experiences into tips and tools that equip you for every step of your homebuying journey.

The mortgage application process is an important one and a little preparation can make it less stressful. The key is getting organized and rounding up paperwork early on to ensure a smooth loan closing.

Mortgage loan documents checklist

Income verification

The mortgage lender will want to verify that you have a steady source of income and the ability to make monthly payments. Here's what to expect:

• Names and addresses of employers: Make sure to provide the complete name and mailing address. If you work for a large company that has departments in various locations, contact human resources and ask what address should be provided for employment verification.
• W-2 income tax statements for the last two years: You should be able to find copies attached to your tax returns. If you filed taxes electronically, you or your tax preparer should have an electronic copy in your records.
• Form 4506-C: The mortgage banker will give you this form to complete and sign, which gives authorization to access your tax return.
• Pay stubs: Printed copies or proof of direct deposit, reflecting a minimum of 30 days of income.
• Social Security: A copy of the award letter must be provided along with a recent check stub or copy of a bank statement if deposited electronically through direct deposit.
• Disability payments: Form SSA-1099 for disability income for the two most recent tax years.
• Pension income: A check stub and any forms showing duration of payments.
• Maintenance income: Proof of alimony, child support or separate maintenance income if you would like for it be considered as a basis for repaying the obligation.

Self-employed applicants

• Tax returns: If you own a business, the lender will need the most recent two years of personal tax returns and any business returns you filed for your company (for example, 1120, 1120S, Schedule K-1/1065).
• P&L: Year-to-date business profit-and-loss statement for current year if more than three months have passed since the end of the tax year.

Current balance sheet

Include all pages and schedules. The lender does not need copies of your state returns.

Recurring debts

Fixed debt: Payments and balances for credit cards, mortgages, home equity lines of credit, outstanding student loans, auto loans, alimony, child support or any other fixed-debt obligations.

Assets

• Statements: Bank statements for the last three months, including savings, checking and investment accounts. Be sure to copy all pages of your statements. If you don't receive paper statements, print your entire online statement. Don't forget to include all of your accounts (checking, savings and investments). The accounts must show that you have enough money to afford your down payment and several mortgage payments.
• Gifts: For gift funds, include a gift letter and evidence of transfer or withdrawal. You will need to provide a detailed letter to explain any large deposits or withdrawals.
• Stocks: Stocks and securities account statements for the last three months.
• Closing Disclosure: You'll need the settlement statement if using funds from the sale of property.
• Sale of assets: proof of ownership, proof of sale and proof of funds transfer.

Rental property income

This information can be found in income tax returns for the last two years verifying rental income. Provide leases if possible.

Dividends

Brokerage statements: Provide documents for the last two years. Schedule B interest and dividend income (most current statement to ensure underlying deposits still exist and are earning at the same level).

Staying ahead can be one simple way to alleviate tension when working through the mortgage process. By preparing early, you'll have more time to gather documents that may be missing or harder to track down.

Take the first step and get preapproved.

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A preapproval is based on a review of income and asset information you provide, your credit report and an automated underwriting system review. The issuance of a preapproval letter is not a loan commitment or a guarantee for loan approval. We may offer a loan commitment after you submit an application and we perform a final underwriting review, including verification of any information provided, property valuation and, if applicable, investor approval, which may result in a change to the terms of your preapproval. Preapprovals are not available on all products and may expire after 90 days. Contact a Home Lending Advisor for details.

These articles are for educational purposes only and provide general mortgage information. Products, services, processes and lending criteria described in these articles may differ from those available through JPMorgan Chase Bank N.A. or any of its affiliates. The views expressed in this article do not reflect the official policy or position of (or endorsement by) JPMorgan Chase & Co. or its affiliates. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. For more information on available products and services, and to discuss your options, please contact a Chase Home Lending Advisor.