What documents do I need to provide for a mortgage application?

When applying for a mortgage, it is essential to gather and submit a variety of documents to support your application. Franklin American Mortgage Company typically requires several key pieces of documentation to ensure a thorough assessment of your financial situation and eligibility for a mortgage. Firstly, applicants will need to provide proof of income, which can include recent pay stubs, W-2 forms from the last two years, and tax returns for the same period. If you are self-employed, additional documentation such as profit and loss statements may be necessary. Next, it is important to include documentation that verifies your assets. This can consist of bank statements for checking and savings accounts, as well as statements for any other investment accounts. In addition to income and asset verification, the lender will require information related to your debts, including monthly statements for credit cards, auto loans, and student loans. This information helps determine your debt-to-income ratio, an essential factor in mortgage approval. Lastly, identification documentation, such as a driver's license or passport, is typically required to confirm your identity. For specific requirements or variations in documentation based on your individual situation, it is advisable to check Franklin American Mortgage Company's current website, as they may outline any additional or updated requirements based on their lending guidelines.