Required Documentation

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Required Documentation

When Purchasing a new Home or Refinancing an existing home, you can expect a certain amount of paperwork will be required.  Though not overwhelming, undergoing either of these endeavors will have you digging into some of your archived and important documentation.

Required Documentation for a Refinance:

Photo ID
2 Months of Most Current Bank Statement
1 Most Recent Paystub
Most Recent Year W-2 (2 years 1040, 1120 or 1099 if self employed)
Current Mortgage Statement
Current City Tax Statement
Current Homeowners Insurance Statement

Required Documentation for a Purchase:

Photo ID
2 Months of Most Current Bank Statement
1 Most Recent Paystub
Most Recent Year W-2 (2 years 1040, 1120 or 1099 if self employed)
A fully signed Offer or Purchase and Sale Agreement

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Often these documents contain Highly Sensitive Personal Information.  As such, Best Rate Mortgage encourages the use of encrypted messaging when sending these documents via email or other electronic form.  These documents can also be faxed to 617-963-7403 or delivered via USPS for an even higher level of security.

The documents listed above are the standard for these types of transactions.  However, other documentation is often required when circumstances dictate.  The documents that are required are first based off of the Fannie Mae Desktop Underwriting Findings and subsequently at the discretion of the Underwriter reviewing your file.

Common Additional Documentation Includes:

Additional bank statements that are unrelated to the mortgage transaction DUE TO large transfers between accounts

Condominium Questionaire when the subject property is a condominium.  The bank will require this information about the condominium complex which includes number of units, owner occupancy rates, blanket insurance, developer ownership percentage, Condominium Homeowners Fee Reserves, etc.

Letter of Explanation for any circumstance that the Underwriter deems warrantable such as a large deposit or a property address that is present in a credit check but not included on the mortgage application

Gift Letter when funds for the transaction are being are the result of a gift and can not be sourced by any borrowers previous 2 months bank statements

Verification of Employment  form direct from your employer