If you are asking yourself, “What documentation do I need for a mortgage loan?”, this article is the perfect place to start. Our team of lenders at Bank of Bozeman has put together a mortgage loan documents checklist to help you get ready for the next steps in your home-buying journey.
This list covers the documents and information that will be standard for all borrowers, with a few exceptions for different types of loans, the type of property you are purchasing, and what you do for work. The information our lenders gather from these documents will help them verify your identity, assets and debts, income, and credit history, including any bankruptcies. They will also look at your employment and rental history, if you currently have a mortgage, and/or your mortgage history. With these details, our lenders can guide applicants to the right type of loan that fits their lending needs.

Getting organized with a mortgage loans documents checklist gets you ready to complete your application. Whether you are applying for preapproval or have a property in your sights and want to begin applying for a loan, this comprehensive checklist can help ensure a fast, streamlined, and successful mortgage loan application process.

Montana Mortgage Loans Documents Checklist

1. Personal identity

• Copy of your driver’s license or other state, federal, or tribal identification cards with your name and photo

Valid forms of identification help our lenders be sure they are lending to you, not someone pretending to be you. Your Social Security number is also needed for lenders to run a credit check. ID documentation helps us comply with federal loan regulations in the Patriot Act.

2. Income

• W-2 forms from the past two years
• Pay stubs for the past 30 days or the past six weeks
• Social Security award letter or form SSA-1099
• Disability payment form SSA-1099 from the past two years
• Retirement account statements from the previous two months
• Records of alimony, child support, or other maintenance income from the past 12 months

Income verification helps our lenders understand your financial situation and your ability to repay loans. Pay stubs show proof of employment as well as monthly income. If your employer makes direct deposits to your account, they can help you access an electronic copy of your pay stub. Otherwise, you can use physical copies of your pay stubs.

Tax documents like W-2 forms help verify your income and how much money was taken out of that income for tax purposes. Most Montana lenders will need your W-2’s from the last two years. If you do not have copies of your W-2s, your employer or tax preparer can help you.

3. Self Employment

If you are self-employed, your mortgage loans document checklist should also include information about your recent business history.

• Filed Federal Tax returns for the past two years
• Profit & loss statement for the current year
• K-1 forms from any and all business partnerships

4. Assets

• Bank statements from the past two months — all pages front and back
• Investment account statements from the past two months (401K, IRA, stock, or other types of investment accounts)

Bank statements help verify income and demonstrate your ability to make good on the terms of the loan. Investment account statements help lenders further understand your complete financial picture.

5. Owned and Rental Property

If you already own property, your mortgage loans documents checklist will also include information about those assets, and income or debt associated with the property.

• Real estate — addresses and estimated values, insurance declaration page, and homeowners association statement
• Rental property — a copy of signed leases and two years of filed Federal Tax returns showing schedule E rental income

6. Liabilities

• Fixed debts with a regular, recurring minimum required payment, including but not limited to the following:
  • Car loans
  • Student loans
  • Credit cards
  • Personal loans
• If you rent, your rental agreement, including the monthly rent amount
• If you own property not yet fully owned, your most recent mortgage statement
• Any recent bankruptcy, or foreclosure documentation, property settlement agreement, or bankruptcy discharge
• Divorce decree, separation agreement, or other legal agreement that details alimony, child support, or other maintenance obligation

These documents will help lenders compile a list of monthly debts, which determines your debt-to-income ratio—money going out versus money coming in. Mortgage loan requirements typically include a maximum DTI to qualify. Include the name of your creditor, their contact information, your total balance due, and the minimum required monthly payment for each debt or loan. Variable monthly expenses, such as utilities, groceries, entertainment, or transportation costs, aren’t included in your DTI.

If you are a renter, you will be asked to show you have paid rent on time in the past. You may also be asked for the contact information of previous landlords to show that you’ve made good on financial responsibilities in the past as a tenant.

7. Nonconventional loans

If you are applying for a non-conventional loan — typically something other than an FHA or USDA loan — you may need to add additional items to your mortgage loans documents checklist. VA loan applicants, including veterans, active-duty military, and surviving spouses, may be asked for forms such as:

• DD Form 214, verifying military discharge, retirement, or separation
• Retirement Points Statement (NGB Form 23)
• Statement of Service

Bank of Bozeman: Supporting your journey toward home ownership

When searching for the best mortgage lenders near you, consider working with your hometown experts. Bank of Bozeman is proud to make it easier and more accessible to own your Montana dream home. We support clients in every stage of the homeownership journey—from learning how to apply for a mortgage, to getting the keys to your first home, financing your remodel, and more.

We know it can be hard to keep track of everything you need to apply for a home loan, and we hope this mortgage loans documents checklist makes it a little simpler to get started. Reach out to our team today to learn more about what loan options are right for you.