COMPLETE CHECKLIST OF DOCUMENTS NEEDED FOR A MORTGAGE

When you're buying a home, gathering the paperwork for your mortgage before you apply can be a big task. Tracking down documents can take time, but doing it before you need them could help you get to the closing table faster.

You will owe your lender a stack of documents once you apply – and during underwriting – that show you can repay the loan. A mortgage application typically requires a paper trail to verify:

• Income and employment.

• Assets and debts.

• Credit history.

• Identity.

• Rental history.

• Other information, such as divorce, bankruptcy, or gift funds.

Income verification

• Two years' worth of W-2 forms.

• 30 days' worth of pay stubs.

• If self-employed or own rental property: You will need to provide one to three years of business and personal income tax returns, and a signed profit and loss statement.

Assets and debts

• Two to three months' statements for all accounts listed on the application, such as bank, investment accounts and retirement.

• Documentation for any large deposits on asset or bank statements.