by 
The Curious Bag
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To purchase a home loan, or mortgage, a borrower needs to fill out a mortgage loan application with a lender and meet their requirements. Documentation will vary based upon the loan type chosen.
Significance
A home loan is the largest loan most homeowners will ever receive. Lenders, therefore, usually require a large amount of documentation to prove the borrower's creditworthiness.
Function
The required documentation proves the existence of the borrower's funds for closing and their ability to repay the loan. Most loan documentation requires at least copies of 2 months of a borrower's pay stubs and bank statements.
Types
Additional documentation needed may include 2 years of tax returns, Social Security income statements, divorce and child support decrees, a credit report, and current mortgage statements.
Time Frame
The faster the documentation is provided to the lender, the faster the process for the borrower. It usually takes 3 to 6 weeks for a mortgage loan to close.
Considerations
Additional documentation may be needed, based upon your situation. Numerous forms and disclosures must be filled out by the applicant as well.
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