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How to Shop for a Mortgage?

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Federal Trade Commission Shopping for a Mortgage FAQs

The following documents are essential when shopping for a mortgage:

  • Bank statements from the last three months show your monthly income and ability to make a down payment and subsequent mortgage payments.
  • Pay stubs from your employer demonstrate consistent income sufficient to pay a mortgage.
  • Personal identification, such as a driver’s license or passport.
  • Your two most recent W-2 forms or tax returns demonstrate financial stability.
  • Investment account statements give a fuller picture of your financial strength.
  • Documents showing your monthly debt payments, such as statements about your auto loan or student loan payments. These are essential for determining your debt-to-income ratio (DTI), a metric lenders use to determine your capacity to take on additional debt.
  • A gift letter if a friend or family member is helping you with the mortgage or down payment.

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