Mortgage Application Documentation Checklist

At Trustco Bank, our documentation requirements are typically less burdensome than many of our competitors. As a portfolio lender, we gather the information necessary to make an informed lending decision while also complying with all laws and regulations. Please click on the options below to see what is required for the loan you are applying for.

Refinancing / Home Equity Loan or Line:

  • Copy of recorded deed
  • Receipts for paid property and school taxes
  • Valid photo I.D.
  • Application fee
  • Copy of current home owners insurance policy

Purchasing a New Home:

  • Fully executed sales contract
  • Valid photo I.D.
  • Application fee
  • Proof of down payment

 

In addition to the information above, we also need to verify your income. We may require a copy of your signed tax returns for the previous 2 years with all of your schedules. Click on the below options for examples of additional information that may be needed to complete the mortgage process.

Straight salary / commission / bonus / tips / overtime / military / part-time / seasonal

  • Two of your most recent paystubs

Social Security / Pension

  • Complete copy of current awards letter

Rental Income

  • Executed leases for each unit

Alimony / Child Support

  • Evidence that payments have been received for the previous 12 months
  • A legal order, such as a divorce decree, legal separation agreement that shows the payment as being required

Asset derived income / Dividends / Interest

  • Asset verification

Capital Gains

  • Complete tax returns from the previous three years
  • Asset verification

Trust Income

  • Copy of trust agreement

Disability

  • Copy of the disability policy
  • Recent statement of benefits

Sole Proprietorship

  • Complete individual tax returns from the previous two years

Partnership / LLC / S-Corp / Corporations

  • Complete individual tax returns from the previous two years
  • Complete business tax returns from the previous two years
  • An accountant prepared balance sheet as well as a year to date profit and loss statement

 

If you have any questions regarding the above, please contact your local Branch Office or call (518) 377-3311. Feel free to apply on line at https://mortgage.trustcobank.com.

Remember that Trustco Bank does not require Private Mortgage Insurance (PMI) or tax escrow.

The above should be used for general reference only. Specific sources of income and specific products may require additional documentation.