Application Checklist
Get Ready for Your Mortgage!
At Top7 Mortgage, we believe in making your mortgage experience as seamless as possible. Whether you’re purchasing a new home or refinancing, having all your documents ready ensures a faster approval process. Use this detailed checklist to stay organized and confident as you begin your mortgage journey.
1. Personal Information
Before starting your mortgage application, have your basic personal information ready:
- Full legal name(s)
- Social Security number(s)
- Date of birth
- Contact details (phone number, email address, and current address)
- Government-issued ID (driver’s license, passport, or state ID)
2. Income Documentation
W-2 Employees
- Last two years of W-2 forms
- Most recent two pay stubs (covering 30 days)
- Year-to-date income details
Self-Employed or 1099 Employees
- Last two years of personal and business tax returns (with all schedules)
- Year-to-date profit and loss statement (if applicable)
- 1099 forms from the past two years
Other Income
- Social Security benefits letter (if applicable)
- Pension statements
- Alimony/Child support (if using for qualification)
3. Employment Verification
- Employer name, address, and phone number
- Employment history for the past two years
- Contact information for HR or supervisor (for verification purposes)
4. Asset Documentation
Bank Statements
- Last two months of statements from all accounts (checking, savings, investment)
- Make sure statements include account number, bank name, and all pages
Retirement Accounts
- Most recent statements from 401(k), IRA, or other retirement funds
- Documentation of any loans or withdrawals from retirement accounts
Gift Funds
- Signed gift letter (if receiving a gift to assist with down payment)
- Proof of gift funds transfer
5. Property Information (For Homebuyers)
Once your application is approved, the underwriter will issue a final loan approval. This is the stage where your loan terms are confirmed, including the loan amount, interest rate, and any conditions. We will review everything with you to ensure all details match your expectations.
6. Credit Report and Debt Documentation
Lenders will evaluate your credit history to determine risk and establish your interest rate. Ensure you have:
Credit Report Explanation Letters:
- If you have late payments, credit inquiries, or derogatory marks on your credit, include a written explanation for each
Debt Information
- Statements for all outstanding debts (credit cards, auto loans, student loans, personal loans)
- Most recent mortgage statements (if you own other properties)
- Documentation of rent payments (if applicable)
Bankruptcy/Foreclosure Records
- Complete records for any bankruptcies or foreclosures in the last seven years, along with a written explanation
7. Liabilities and Other Obligations
Lenders need to know about any other financial obligations you may have:
- Student Loans: Provide current balances and monthly payments
- Auto Loans or Leases: Include loan/lease agreements and monthly payment information
- Other Real Estate Owned
- Current mortgage statements, property tax statements, and homeowners insurance documentation
- Rental agreements and income statements (for investment properties)
8. Down Payment and Closing Costs
Ensure that you have clear documentation of your down payment funds and any assistance you may be using:
- Proof of down payment funds (bank statements, investment account statements)
- Documentation of any grants, down payment assistance programs, or seller contributions
- Closing cost estimates and fund verification
9. Special Situations
Some applicants may have unique circumstances that require additional documentation:
- Divorce Decree: If you have been divorced, provide the complete divorce decree, including any child support or alimony obligations.
- Judgments or Liens: If you have legal judgments or tax liens, provide documentation and payment history.
- Military Veterans: If you’re applying for a VA loan, include your DD-214 and Certificate of Eligibility (COE).
What’s Next?
Once you’ve gathered all the necessary documents, you’re ready to start your application with Top7 Mortgage. Our easy-to-use digital platform allows you to securely upload your documents and track your progress every step of the way. Here’s what you can expect:
- Pre-Approval: Upload your documents and get pre-approved for your loan. This shows sellers you’re a serious buyer and gives you an edge in competitive markets.
- Processing and Underwriting: Our expert team will review your application and verify your information, ensuring everything meets the necessary criteria.
- Final Approval and Closing: After final underwriting approval, you’ll receive your closing disclosure. All that’s left is signing the paperwork, and you’re ready to move into your new home!
Need Help?
If you’re unsure about any of the required documents or have specific questions about your financial situation, our team at Top7 Mortgage is here to help. Contact us, and we’ll guide you through every step of the mortgage process.
Top7 Mortgage: Your Mortgage Made Easy!
We’re committed to making your home-buying or refinancing experience as smooth as possible. Start your application today and enjoy a hassle-free mortgage process.
