Checklist #07 · Home
Mortgage Readiness
Ensure you meet the credit, income, savings, and documentation requirements before applying for a mortgage — and avoid the surprises that derail applications.
26 action items~20 min to complete5 sections
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completed
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Overall progress0 of 23 items
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Credit Requirements
0/5 completed
Confirm credit score meets minimum thresholds for your target loan typeKey
Pull all three bureau reports and check for errorsAction
Ensure no late payments in the past 12 monthsWatch out
Verify no open collections or charge-offs
Check that credit utilization is below 30%
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43%
Maximum DTI most lenders allow — lower is significantly better
0.5%
Rate improvement a 40-point credit score increase can deliver
💼
Income & Employment
0/5 completed
Confirm 2+ years of consistent employment history
Gather last 2 years of W-2s and tax returnsAction
Collect 30 days of current pay stubs
Calculate your gross monthly income for DTI purposesKey
Calculate your DTI ratio and verify it's below 43%Key
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Savings & Assets
0/4 completed
Document 2–3 months of bank statements for all accounts
Confirm down payment source is fully documentedWatch out
Verify closing cost reserves beyond the down payment
Confirm post-closing reserve (2–3 months of housing payments)
📁
Document Preparation
0/5 completed
Organize all documents into a single folder or digital systemAction
Get letters of explanation ready for any credit anomalies
Prepare authorization to pull credit and verify employment
Create digital backup of insurance policiesKey
Document all asset locations and access infoWatch out
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Choose Your Lender
0/4 completed
Get pre-approved by at least 2–3 lenders within a 14-day windowKey
Compare total APR — not just advertised rate
Ask each lender for a Loan Estimate and compare line by lineAction
Verify lender's average closing timeline meets your contract requirements