What Documents Does Rocket Mortgage Require?
In the fast-paced world of home buying, Rocket Mortgage has emerged as a popular choice for borrowers seeking a streamlined and efficient mortgage process. To facilitate this quick and easy application, Rocket Mortgage requires certain documents to verify the borrower’s financial situation and eligibility. Understanding what documents are needed can help applicants prepare in advance and ensure a smooth mortgage journey.
Proof of Identity
The first and foremost document required by Rocket Mortgage is proof of identity. This can be in the form of a government-issued photo ID, such as a driver’s license, state ID, or passport. This step is crucial for verifying the borrower’s legal name and address.
Proof of Income
To assess the borrower’s ability to repay the mortgage, Rocket Mortgage requires proof of income. This can include pay stubs, W-2 forms, or tax returns for the past two years. If the borrower is self-employed or has rental income, additional documentation such as business tax returns or lease agreements may be necessary.
Proof of Assets
In addition to income, Rocket Mortgage needs to verify the borrower’s assets. This includes bank statements, investment account statements, and retirement account statements for the past two months. These documents help the lender determine the borrower’s liquidity and ability to cover any down payment or closing costs.
Proof of Residence
To ensure the borrower has a stable residence, Rocket Mortgage requires proof of residence. This can be a utility bill, lease agreement, or mortgage statement dated within the past 30 days. The lender uses this information to verify the borrower’s address and length of stay at the current residence.
Proof of Home Ownership
If the borrower is refinancing an existing mortgage, Rocket Mortgage will require proof of home ownership. This can be a mortgage statement, property tax bill, or a deed of trust. This step helps the lender confirm that the borrower has a mortgage on the property they wish to refinance.
Additional Documents
In some cases, Rocket Mortgage may request additional documents to further verify the borrower’s financial situation. This could include a copy of the home appraisal, a copy of the title insurance policy, or a list of any home improvements made to the property. The lender may also request a copy of the borrower’s credit report to assess their creditworthiness.
Conclusion
Understanding what documents Rocket Mortgage requires can help borrowers prepare for the mortgage application process. By gathering these documents in advance, applicants can ensure a smooth and efficient experience. Remember, each borrower’s situation is unique, so it’s always a good idea to consult with a mortgage professional to determine the specific documents needed for your application.
