| Generally, mortgage loan requirements are not very | | | | overall profit for the year, before you have deducted |
| complicated, but getting a mortgage can be quite a bit | | | | your expenses. |
| of work. Accurate and organized financial records can | | | | If you are retired, and receive your income from Social |
| greatly simplify this process. Make a usual habit of | | | | Security, pension, or another source, you can not be |
| keeping all records of your financial history in one easily | | | | denied a mortgage loan, as long as your debt to |
| located place. A strongbox or file cabinet is perfect for | | | | income ratio is appropriate. A bank will expect you to |
| this purpose. | | | | provide accurate documentation of the source of your |
| For many reasons, you have probably already kept | | | | income. |
| copies of your tax returns. These will be needed when | | | | More often than not, you will be expected to have a |
| applying for mortgage loan. This is the best record of | | | | certain amount of money dedicated as a down |
| your income history. | | | | payment. A portion of this money may be held in |
| You will need copies of all bank statements for at | | | | escrow. This will ensure that all necessary taxes and |
| least the previous two months, and sometimes more. | | | | insurance will be paid. |
| This will include all checking, savings, retirement, and | | | | You may be asked for copies of both your Social |
| any other financial account that you hold. | | | | Security card and your drivers license. These will be |
| You will be required to provide the name, address, | | | | added to, and kept in your mortgage file. |
| telephone number, and any other pertinent information | | | | As you can see, the requirements for a mortgage loan |
| about your employer. If you are self-employed, you will | | | | are not complicated, however accurate record |
| need to provide all 1099 forms. This will show your | | | | keeping will certainly simplify this matter. |