What Information Do You Need to Get a Mortgage Quote?

Income Details for Your Mortgage Quote

When preparing for a mortgage quote, lenders need to understand how much you earn and how stable that income is. For W-2 employees, this usually means recent pay stubs covering the last thirty days and W-2 forms from the past two years. If you are salaried, the picture is fairly simple. If you earn commissions, bonuses, or overtime, the lender will look at a two-year average to determine qualifying income.

Self-employed borrowers should have two years of personal and business tax returns available. Tu reviews these early in the process to identify the income figure underwriters will use, which sometimes differs from what you see on your bank deposits.

Asset Information Lenders Need for a Quote

Your lender will want to see where your down payment and closing cost funds are coming from. Bank statements from the most recent two months are standard. This includes checking accounts, savings accounts, and any investment or retirement accounts you plan to use.

If you are receiving a gift from a family member to help with the down payment, Tu can explain the documentation requirements for gift funds, which vary depending on the loan program.

Credit Details That Shape Your Mortgage Quote

Your credit score and history play a significant role in the rate and terms you receive. You do not need to pull your own report before reaching out, though it does not hurt to review it. Tu will run a credit check as part of the quoting process, and if there are any items that need attention, he can discuss strategies to address them before you formally apply.

Knowing your approximate credit range ahead of time helps set expectations, but do not let uncertainty about your score stop you from reaching out. Tu works with borrowers across a wide range of credit profiles.

Property Information for an Accurate Quote

If you already have a specific property in mind, sharing the address, purchase price, and property type (single-family home, condo, townhouse, or multi-unit) helps Tu provide a more accurate quote. If you are still in the early planning stage, a general price range and the area you are considering, such as Happy Valley, Lake Oswego, or Oregon City, is enough to get started.

Property type matters because it affects loan program eligibility, down payment requirements, and sometimes pricing. Tu will walk you through these details during your initial conversation.

Employment and Debt Details for Your Quote

Be prepared to share your current employer, job title, and how long you have been in your role. Lenders look at employment stability as part of the overall picture. If you have recently changed jobs or industries, Tu can explain how that may factor into your application.

You should also have a general sense of your monthly debt obligations, including car payments, student loans, credit card minimums, and any other recurring debts. These figures are used to calculate your debt-to-income ratio, which is a key factor in determining how much you can borrow.

Mortgage Quote Preparation Checklist

• Recent pay stubs (last thirty days)
• W-2 forms from the past two years (or tax returns if self-employed)
• Bank statements from the last two months
• A general idea of your credit score range
• Property address or target price range and location
• List of monthly debt payments
• Current employer name and length of employment

You do not need every item on this list to have an initial conversation. Tu can start with what you have and let you know what else to gather as you move forward.

FAQs About Preparing for a Mortgage Quote

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