Applying for a mortgage can be a pretty complicated process. It takes time, research and dedication to get it right. But what are you supposed to do if you don't have all the paperwork on hand? 

You're missing essential components that make the application process more manageable. That's why I put together this list of five pieces of paperwork you'll need when applying for a mortgage.

1. Proof of Identification

Providing an acceptable form of identification is the most important requirement in a mortgage application process, and it's also the easiest to overlook. When you apply for a mortgage, your lender will ask you to provide proof of your identity and current residence. 

Gathering this information ahead of time is crucial, as it may not be available in your application materials when you're ready to submit them.

These documents can include a government-issued ID, social security card, and more. If you don't have any of these documents handy, make sure to bring copies so that you have something else to present as proof at the time of application.

2. W-2 Forms From the Past Two Years

The most critical supporting documentation for a mortgage application is your last two years of W-2 forms. It’s one of the most common pieces of paperwork that you'll need to submit when applying for a mortgage. In addition, when meeting with lenders at a mortgage appointment, you must have this form with you.

There are printable W2 forms online you can generate and fill out your information ahead of your application, so you must have all of your tax returns from the past two years. You should also consider taking pictures of each page of all your tax returns to prove they are authentic.

3. Proof of Employment

Like any of the key questions you should ask while dealing with a mortgage broker yourself, lenders will require proof of employment as a requirement you would need to satisfy. 

If you don't have any income or W-2s, people might think you're unemployed and that they should deny your application because they don't want to lend money to someone who doesn't work. But there are other ways of proving that you make enough money to qualify for a home loan:

Show proof of employment in the form of an official letter from your employer or pay stubs showing that they paid you in either wages or salary throughout the year. You'll also need this letter when applying for a mortgage online.

4. Tax Returns From the Past Two Years

The IRS requires you to get two consecutive years' worth of tax returns to apply for a mortgage. So if you have tax returns, but they're not recent enough or haven't been filed yet, send them in before applying for a mortgage so they can be processed and received by the lender ahead of time.

The mortgage company will look at all three years' worth of tax returns, but they'll want to see all your wages and income from one year (the most recent) and two years before that. They'll also want copies of any tax refunds you received during those years.

5. Bank Statements

Bank statements are a must-have, especially if you want to get the most out of your mortgage. The lender will want to see that your credit history is positive and that you have a steady income. Therefore, your bank statement should reflect regular payments, including mortgage or rent payments, utility bills, and other debts.

You'll want to review your bank statements and ensure they show any payments made on your behalfs, such as auto loans or credit card balances. If you have any unpaid bills, you'll want to pay them off before applying for a mortgage.

Conclusion

If you followed all the steps in this article, you're well-prepared to tackle your mortgage application. If you can cross all of these items off your to-do list, you'll be ready to apply for a home loan when the time is right, and it shouldn't be too long before you have a brand new home.