When a person is trying to get a loan such as a mortgage loan there are several pieces of documentation that the lender will need to see to determine approval and interest rates. The loan documentation checklist will help a person collect all the documents needed for their loan application so they do not delay the process.

W2 Forms
The lender will need to see the current W2 forms for each applicant. Some lenders will want to see the forms for the past two years. If a person does not have copies they should contact their employer or they can order copies from the IRS on their website.

Pay stubs
The lender will ask for paystubs that cover at least 30 days. A person may be able to access their paystub online and print it out. If the paystub does not reflect a regular schedule additional paystubs will be needed so the lender will be able to figure out average take-home pay.

Bank Statement
Lenders are going to want to see between 3 and 6 months of bank statements. This used to help verify income as well as assets. The lender will also need to see that a person has enough money for their down payment.

Tax Returns
The most recent federal tax return will be needed. For most mortgage loan applications the previous year’s return will also be needed (especially if you’re self-employed). These will be used to verify income as well as deductions. A tax transcript may need to ordered from the IRS to go along with the tax returns.

List of Debts
The lender will want to see the bills and debts a person has. This is used to determine their debt to income ratio. This is very important when lenders are making a decision. This will not only affect the final decision, but will affect the amount of money they are willing to lend a person.
This is the documentation that a person needs to bring to their lender when they are applying for a loan such as a mortgage. They need to show their income and their debts so a lender can determine if they are a good candidate to receive a loan.

Credit Report

This is something that the originators of your loan will want to get it for themselves, however, I mention it here because it’s such an important part of your application for a loan that you should first get and review a copy of your report so you can make sure all the information is correct. I’ve read many stories about people that got turned down for a loan because of incorrect information in their credit report. I looked at my credit report one time and it said that for a job I was President of the flying club I belonged to so there can be some weird mistakes.

Reference:
https://thelendersnetwork.com/mortgage-loan-documents-checklist/