Jul 18 2013

What Documents Do I Need to Apply for a Mortgage?

Sharon A., joined 1993

Sharon A., joined 1993

When you’re looking to buy or refinance your home, you want to work with the specialists who understand where you’re coming from, the ones who can uncover the best financing options to meet your specific needs.

At Consumers Credit Union, we offer a range of Custom-Made Mortgages to make your dream of home ownership a reality. As you begin the loan process, your mortgage loan officer will ask you for what may seem like a lot of documentation. It’s not because we want to test your ability to track these papers down—it’s because these documents contain the information that helps us help you make the best choices regarding your loan.

If you’re thinking about applying for a mortgage or refinancing your current mortgage, you can get a head start on collecting the necessary documentation with these checklists:

Documentation Needed for Purchase

Documentation Needed for Refinance

Documentation Needed for Construction

Here’s how we use the information provided in these documents:

To Choose an Affordable Loan Option  

Part of helping you make an informed purchase decision is determining how much home you can afford to buy. Your income is a significant factor in this determination, which is why we request documents such as pay stubs, W-2s, tax returns, or award letters if you’re retired.

To Make Sure Your Mortgage Helps You Reach Your Financial Goals

Just as verifying your income helps us determine your loan’s affordability, verifying your assets helps your loan officer work with you to ensure that your mortgage fits within your budget and future plans. This is why you are asked to share bank account and retirement account statements.

To Balance Your Financial Obligations

Of course, your mortgage isn’t the only bill you pay each month. We check your credit reports to ensure that adding a house payment doesn’t burden you with too much debt. You may also be asked for copies of divorce papers and child support documentation to show any financial obligation there.

To Learn More about the Property

As part of the mortgage process, we will have your home appraised. This shows you the value of the home in relation to your loan amount, and can identify potential issues early on. We will also ask you for your homeowners’ insurance information to make sure you have the protection you need.

Have more questions about the process of applying for a mortgage? Visit our website or call a mortgage specialist at 800.991.2221 to learn more.

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