Come Prepared: Docs for a Mortgage | Cleveland Bradley County Teachers Federal Credit Union

You found the house of your dreams online, you know which realtor you want to work with, and the budget is there. It seems like everything is ready to go. Then you hit the mortgage process.

Between all the paperwork and approvals, the communication we have to do with the federal government and other lending agencies, getting a home loan can be a time-consuming process. Fortunately, there are a few things you can do to speed it up.

One of the earliest is coming to your first appointment with a mortgage officer prepared. Doing that can set you ahead of the game on crucial steps. But do you know what you need to bring with you to get that jumpstart? We do.

Required Documents for Mortgages

To be clear, this list almost certainly does not include every document you’ll need along the way. Rather, it’s meant to give you an idea of some of the most common ones needed early in the process so you can hit the ground running.

1. Identification: You will need multiple forms, including a state-issued ID and a second proof, such as a birth certificate. Our mortgage officer will let you know exactly what you’ll need to provide if you don’t have it with you for your first meeting.

2. Income Information: Speaking of proof, we’ll need you to show you have a reliable income source that enables you to afford the loan you’re seeking. We know, as your credit union it may seem like we could just look at your deposits, but we have to record more proof than that. Your loan officer will probably ask for at least your two most-recent pay stubs and a W2 for the preceding year. Additionally, if you have other sources of income, such as a trust or a side hustle, bring in documentation of those monies.

3. Tax Forms: These provide a little more detail into your financial situation and history. Don’t worry if you can’t lay your hands on two years’ worth (the standard request) immediately; we’ll have you fill out an IRS Form 4506-T that essentially gives us permission to request the information from the tax agency.

4. List of Assets: If you have hard assets, such as real estate or vehicles, those can also serve as proof of your ability to carry the loan. Additionally, retirement savings accounts, stocks, bonds and other financial savings can help show you’re ready to make the necessary payments.

5. Residency History: This would include properties rented and owned. You might want to bring proof of current residence, such as a utility bill in your name, rental agreement or mortgage documentation. Additionally, be sure you can provide addresses you’ve lived at in recent years, typically for the last decade.

6. Gift Letters: This won’t apply to everyone, but if you’re getting any assistance from family or friends to purchase the home, you may need to provide proof in writing that the funds are a gift, not a loan.

If you want more help getting ready for the mortgage process or you’re ready to get going, call Cleveland Bradley County Teachers Federal Credit Union today! We look forward to helping you with all your financial goals.