What documents are required for the mortgage application process?

The mortgage application process typically requires a variety of documents to evaluate a borrower's financial situation and determine eligibility for a loan. While specific requirements may vary based on individual circumstances, there are several common documents that Wachovia Mortgage, also recognized as Wells Fargo Mortgage, generally requests from applicants. First, applicants should prepare proof of income, which can include recent pay stubs, W-2 forms, or tax returns. This documentation helps verify employment and income levels. Additionally, documentation of assets is essential, including bank statements, investment statements, and retirement account statements. Such papers demonstrate a borrower's financial stability and capability to handle the down payment and closing costs. Furthermore, borrowers will need to submit personal identification, such as a driver’s license or passport, as well as a Social Security number. This information is critical for conducting background checks and assessing creditworthiness. Lastly, it is often useful to include information regarding any debts, including credit card statements, student loans, and any other loans. This comprehensive set of documents allows the lender to fully understand the applicant's financial profile. For the most accurate and specific list of requirements tailored to individual situations, it is advisable to consult the official Wachovia Mortgage website.