Owning a home is a financial goal of many. Since most of us don’t have the funds readily available in our bank account to pay for a home in cash, we look to a financial partner to help with a loan, specifically a mortgage. Your lender will require documentation from you to ensure you can pay for the mortgage you’re applying for. If finding what you need to apply for the mortgage seems daunting, check out these time-saving tips from the team at Michigan Schools and Government Credit Union.
Common document requests
The most common items a lender will request to start the mortgage process include:
- Your most recent pay stubs
- W2 tax forms, from all jobs in the past 12 months
- Personal tax returns, and business tax returns if you’re self-employed
- Asset statements like checking or savings accounts
- Photo ID
Unique circumstances? We understand.
Documentation requirements may differ based on your unique situation. Here are common situations:
- Recently divorced: You may need to show your decree from the court.
- Inherited a home: Probate documents may be required.
- Student loan forgiveness or special repayment: Your lender might ask for proof of payment from the servicer.
- Family offers a gift for your down payment: A gift letter may be needed (your lender can help with a template).
Everyone’s situation is unique and that’s okay. Your mortgage consultant will be able to help you regardless of your situation. Answering the questions posed by your mortgage consultant can make this process fast and easy based on the information you provide. Don’t have a mortgage consultant yet? Check out MSGCU’s friendly team.
Work in your comfort zone
While technology can be convenient, online applications are not for everyone. If you would like to meet with your mortgage consultant in person or over the phone, MSGCU’s got you covered.
It’s important you choose a lender that works within your comfort zone, no matter what that is. In addition to online applications, MSGCU’s friendly mortgage consultants can work with you in-person at any of our 21 convenient branch offices or remotely via phone, as well. Learn more about mortgages from MSGCU.
Learn more about mortgages in this 5-minute lesson.
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