Applying for a mortgage in 2025 still requires a detailed look at your financial situation. While it may feel overwhelming, each document you’re asked to provide helps the lender assess your ability to repay the loan.
Here’s what to expect and why it matters.
Proof of Income
Lenders want to know you have stable income. This usually means:
- Pay stubs from the past 30 days
- W-2s from the past two years
- Tax returns if you’re self-employed
- Documentation of other income sources like alimony, investment income, or rental earnings
Credit History
Your credit report shows how you’ve managed debt. Lenders look at your score, open accounts, payment history, and recent inquiries to understand your financial behavior.
You can request a free credit report at AnnualCreditReport.com before you apply to review your records and fix any errors.
Employment Verification
Besides seeing your pay stubs, lenders often call your employer to confirm you work there and have reliable hours. If you’ve recently changed jobs or started working independently, be prepared to show consistent income over time.
Debt and Asset Review
Lenders will ask for information about debts and assets. They want to see:
- Current balances on credit cards, loans, or lines of credit
- Retirement accounts and savings balances
- Any large deposits that need to be explained
Identity and Legal Documents
To comply with regulations and prevent fraud, you’ll be asked to provide:
- A government-issued photo ID
- Social Security number
- Proof of residency or immigration status, if applicable
Why It’s Worth It
It may feel like a lot, but this process protects both you and the lender. A complete and accurate application leads to better loan terms and fewer surprises later.
At CTCU, we guide members through every step and explain what’s needed upfront. Our team is here to answer your questions and help make the process smooth.
Have questions about applying for a mortgage? Contact us or visit coopteachers.com to learn more.