The Minneapolis Star Tribune recently ran a helpful article (Getting a mortgage means showing financial documents March 2, 2006) that outlined the financial documents a home buyer will need to get a mortgage. They mentioned:
- Addresses for past 10 years;
- Employers’ names and addresses (pay stubs, W-2s or copies of checks are helpful)
- Any other sources of income (values of bank accounts, stocks and bonds, market value of the real estate you own, vested interest in a pension or retirement plan, and automobile values)
- Information on what you owe (for cars, credit cards, child support, other). Bring creditors contact info and balance
- You might be asked the value of personal property and cash value of life insurance.
- The self-employed can expect to show two years of corporate and personal tax returns, plus a year-to-date balance sheet and profit-and-loss statement.
Submitted by Mary Rugani