Documents You Need for Mortgage Pre-Approval

Why documentation matters at pre-approval

Pre-approval is a lender's assessment of what you can likely qualify to borrow, based on verified information rather than estimates. The more complete your documentation upfront, the more reliable your pre-approval, and the smoother the process tends to be once you're under contract.

Income documentation

Lenders typically request documentation that verifies both the amount and stability of your income.

• Recent pay stubs covering the most recent 30 days.
• W-2s or 1099s from the past two years.
• Federal tax returns, especially for self-employed borrowers or those with variable income.
• Award letters for Social Security, pension or disability income.

Asset documentation

Lenders generally want to see where your down payment, closing costs and reserves are coming from.

• Recent bank, investment and retirement account statements.
• A gift letter and transfer documentation if any funds are gifted.
• Documentation for any large or unusual deposits.

Credit and identification

You'll typically provide authorization for a credit check along with a government-issued photo ID such as a driver's license or passport. Your loan officer will review your credit report with you and discuss anything that needs explanation.

Documentation for self-employed and non-traditional income

Borrowers who are self-employed, work on commission, or earn rental income typically provide additional documentation such as business tax returns, profit and loss statements, or lease agreements, since this income is evaluated differently than a fixed salary.

Property-related documents once under contract

Once you have a signed purchase contract, additional documents such as the executed agreement, homeowners insurance information and, for condos, association documents typically come into play as the file moves toward closing.

Keeping your file consistent

Between pre-approval and closing, avoid opening new credit accounts, making large unexplained deposits, or changing jobs without discussing it with your loan officer first, since these changes can require updated documentation or affect your approval.