Home Loan Document Checklist

home loan document checklist TRI Pointe Homes Pardee Las Vegas

Applying for a loan is easy. The hard part for many people is getting their paperwork together. In this challenging housing market, you want to be prepared.

Plan Ahead For Your Home Loan

Use the below Home Loan Document Checklist to get your paperwork together. Every lender requires personal documents to process and approve a home loan mortgage. The credit report provides some account names and account numbers, but this will give you the list to work on and it may not be easy.

Know that you should be prepared to provide everything on the Home Loan Document Checklist at your first appointment or by email. Later on, you’ll be asked for additional pay stubs and bank/broker statements monthly as you get them until the loan is completed. Another credit check and employment verification are done the final day before closing the loan.

Try hard not to change a thing once you are approved.


Loan Document Checklist

  • 2 Years of Tax Returns for every person on the loan. These need to be for last year and the year before
  • Year-to-date P & L if you’re self-employed
  • Business Tax Returns if applicable
  • A month of paycheck stubs or check copies for each person signing the loan
  • Two months of bank or credit union statements for both checking and savings accounts
  • Lender, loan number, and amount owed on installment loans- student loans, cars, etc.
  • Addresses where you’ve lived for the last five years
  • Brokerage account statements- last two statements
  • List of assets- Stocks, bonds, boats, homes, cars, where no debt is involved
  • Your most recent 401(k) or other retirement account statement
  • Documentation to verify additional income, such as Social Security, pensions, and child support- paying or receiving

Lender Home Loan Products and Approval

There are many kinds of home loan products. Stated Income Home Loans have gone away, but there are home loans where you can show bank deposits to verify income and other creative programs.

Anything out of the mainstream box will result in a higher interest rate. If you need a referral to our favorite local lender, Bruce Singer, give us a call. After 25 years of doing Las Vegas real estate, someone has to impress us to keep our business.

Ideally, having a “Fully Approved Loan Qualification Letter” has a lot more weight than a “Pre-Qualification” letter. When there are multiple offers on a house, cash is king, a fully approved loan is the second-best, and a pre-qualified buyer is third. If you have time, do your loan app before looking at houses.

If you are not ready to buy a house quite yet, get your credit report and verify its accuracy. There is a problem with inaccurate reporting to the big 3 reporting agencies. Google free credit reports with FICO score or go to FreeCreditReport.com. Also, see our credit blogs listed below.

Looking For A House For Sale

Woodside Homes Las Vegas new construction 3 story houseOnce you’ve completed everything on your home loan document checklist, your job is mostly finished. Give the lender a week or two to finish his file and get underwriter approval subject to an appraisal.

Now it’s time to find a house! In a seller’s market, the quality of the buyer is important. If you are not paying cash, you need to show the seller that you are prepared to buy their house and are not a high risk.

For a seller, there isn’t much worse than selling their house and having it fall out 3 weeks later. They’ve packed, found another place to live, hired movers, and probably are counting on their equity to put down on the house they’ve purchased. Being FULLY loan approved is imperative to have your offer to purchase chosen over competitors.

Competing For A Home

When you are FULLY loan approved, your purchase power becomes similar to someone paying cash. You are able to remove the loan approval contingency which is huge.

Most people would rather sell to A PERSON than sell to an investor. In a city where investors buy homes, this may be important- especially in the $300,000 – $500,000 range of houses. We want the seller to feel like they know you – write a letter with pictures.

There are additional strategies that we utilize when competing for a house in 2022. With 26 years of selling houses, we’ve worked with many agents and many more know who we are. The Realtor you choose to work with makes a difference.

If you cannot be FULLY loan approved, be pre-qualified with a complete file and all documentation on the Home Loan Document Checklist. Getting documents may be a challenge for some people, so now is when you need to start gathering your information.

Wasting your time viewing homes, making offers, and being turned down for an unknown factor is heartbreaking. Being prepared and being aware is the best way to buy a house.

We Sell Las Vegas, Henderson, and North Las Vegas

Call or text us today with any questions or for an appointment to see some of these great homes- 702-750-7599

This website and information are made available for you to explore by Kurt Grosse with Realty One Group. Kurt is a Las Vegas Top-Producing Realtor since 1996 and a former Nevada Building Engineer (PE. CE).

Kurt’s goal with his buyers and sellers is to use his skills and knowledge to protect them and their investments. Houses are not built perfectly and with how quickly homes are built in Southern Nevada, his skills are invaluable.

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