What documentation is required for a mortgage application?

When applying for a mortgage with Arvest Central Mortgage Company, there are several key documents that applicants typically need to submit. These documents help verify the applicant's financial status and assess their ability to repay the loan. Commonly required documentation includes proof of identity, such as a valid driver's license or passport, along with a Social Security number. Applicants will also need to provide recent pay stubs, typically covering the last 30 days, to showcase their income. If the applicant is self-employed, then additional documentation, such as tax returns from the past two years and profit and loss statements, may be necessary. Bank statements for the past two to three months are also often required to verify assets and savings. Furthermore, applicants may need to submit documentation related to any additional sources of income, such as rental income, alimony, or bonuses. If the applicant has other debts, such as credit cards or student loans, documentation reflecting these liabilities will also be needed. Finally, credit history and scores are assessed during the mortgage application process. It is essential for applicants to understand that specific requirements may vary based on the type of mortgage and the individual circumstances. For the most accurate and up-to-date information on documentation requirements, it may be helpful to check the current web page of Arvest Central Mortgage Company.