Mortgage Checklist

The complex process of getting a mortgage is made clearer by breaking it down into steps. Here's a checklist to help do just that.

1. Determine your mortgage limit
   • Create your expense snapshot — listing all expenses in your current budget
   • Estimate potential homeowner expenses and include them in your snapshot
   • Estimate your monthly payments using an online calculator
   • Calculate your debt-to-income ratio to determine your mortgage limit
   • Decide how you will make a down payment and how much
2. Check your credit
3. Determine the type of loan that is best for you.
4. Choose a lender, or several.
5. Get pre-approved. You'll need the following information when applying:
   • Paycheck stubs for the last 30 days
   • One W-2 tax return if you've had your job for over two years, or two if otherwise
   • Recent credit card statements
   • Two bank statements over last 90 days
   • Proof of pensions, retirement, disability, or Social Security
   • Proof of income from rentals, investments, etc.
   • Proof of child support or alimony paid/received
   • Loan information on current home (if you own one)
   • 401K statements
   • Divorce decree (if applicable)
   Get a Good Faith Estimate of fees as a part of your pre-approval.
6. Lock in your rates.
7. Bring all documentation to the closing.