In home or real estate purchase, there are some items to be checked and thoroughly understood to make the most of your venture. A large percentage of homebuyers do not have the appropriate financial budget to buy a house in cash, thus a home mortgage is very relevant these days.
Applying for a loan is a very sensitive ordeal that must be given proper attention and dealt with carefully. In your loan application, you are required to submit several documents necessary in processing your application. These should be submitted to the mortgage agencies of your choice. The approval will greatly depend on the data presented by these documents.
If you have decided to buy a house, here is a list of documents to be complied and submitted in order to get a mortgage lender or a bank to facilitate your financial needs:
1. Income Verification Documents: This includes your W-2 forms, recent pay slips and tax returns for the last two years. If you are self-employed, you will be required to submit a statement of profit and loss for the current year and the previous two years. If applicable, submit additional income documents such as overtime bonus, social security, interest income, commission and veterans’ benefits.
2. Purchase Document: Submit a copy of the ratified purchase contract. If you have made deposits to the seller, submit a copy of cancelled deposit check on the house.
3. Verification of your assets: These documents will prove your assets and other ownership such as bank account numbers, checking or savings account for the last two years with address and contact details of the bank branch. You can also submit stocks or investments with corresponding value in the market and or savings bonds. Your vehicles could also be considered as good collateral for the lender or the bank.
4. Debts documents: You will be asked to submit your credit card bills for the last few billing periods. You can also submit other consumer debt like furniture loans, car loans, student loans and other personal and co-signed loan installment with complete phone numbers and addresses. Submit rental or mortgage payments. If applicable, you can submit several copies of alimony or child support.
If in case you have no established credit history, you can supply the mortgage lender with cancelled checks for utilities, rent and other recurring payables to show payment history and the amount of revolving debt.
Some lenders may ask where you secure the money for your down payment. If down payment money is a gift from family, bring a copy of any gift letter or gift check during your interview. Ensure that the gift letter states that they money given is not subject for repayment.
Having these documents ready and complete when you make your visit to the lender will help in a faster application process. Bear in mind that lenders may have different information requirements. Before you proceed, ask the lender of your choice what you should bring to your loan interview.
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