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Smooth Sailing to Approval: Your Essential Mortgage Documentation Checklist

Congratulations on taking the exciting step towards homeownership with Loanguru Mortgage! As we embark on the journey to secure your dream home, one crucial phase stands between you and mortgage approval: gathering the necessary documentation. Let’s dive into our comprehensive checklist to ensure your approval process is swift and seamless.

Navigating the Documentation Waters

Think of the mortgage documentation phase as charting your course for smooth sailing. By providing the necessary paperwork upfront, you’re setting the stage for a confident journey towards your new home.

The Essential Checklist: Documents for Mortgage Approval

1. Financial Snapshot:

  • Two most recent W-2s
  • Paystubs for the last month
  • Most recent tax return

2. Account Balances:

  • Checking account balance and statements
  • Savings account balance and statements
  • Investment or retirement account balance and statements (if applicable)

3. Identification and Legal Documents:

  • Photocopy of your state-issued ID, driver’s license, and/or passport
  • Copy of your Green Card (for non-citizen permanent residents)
  • Copies of final divorce decree, bankruptcy discharge, or any other legal judgments (if applicable)

4. Business Owners/Self-Employed:

  • Tax returns for yourself and your business for the last two years
  • Profit & loss statement for the current year (if applicable)

5. Debts and Obligations:

  • Balances and most recent statements for credit cards, student or auto loans, or any other debt
  • Proof that cash gift doesn’t need to be repaid (if applicable)
  • Documentation for any additional debt or obligations (child support, alimony, etc.)

6. Rental History and Ownership:

  • Cancelled rent checks for the last year (if you’ve been renting)
  • Titles for any assets you currently own (this includes vehicles)

7. Veteran Documentation:

  • Copy of your Certificate of Release or Discharge from Active Duty (for veterans)

Smooth Sailing to Approval

Now that you’re armed with this comprehensive checklist, you’re well-prepared to set sail on your mortgage approval journey. At Loanguru Mortgage, we’re here to guide you through every step, ensuring your experience is both informative and hassle-free.

Remember, every document you provide contributes to the clarity and accuracy of your mortgage application. This, in turn, paves the way for a swift and successful mortgage approval process. As you gather these documents, know that you’re not just providing paperwork – you’re laying the foundation for the place you’ll soon call home.

Stay tuned for more insightful blogs as we continue to empower you with valuable information, guiding you towards a successful homeownership experience.

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