Dec. 8, 2016
Documents Needed When Applying for a Mortgage
If you have spoken with me or watched one of my YouTube videos you know that in order to view homes you must be pre-qualifed, preferably pre-approved. Pre-qualification is a must to not only know how much home you can afford but also discovering if you are comfortable paying that amount. For example, you may approve for a $400,000 home but you feel comfortable with a mortgage of a $315,000 home. It's also great to have that lender relationship started so you can get all of your loan/mortgage questions answered.
Homebuyers typically have one hurdle that that they hate to cross: THE PAPERWORK needed to apply for a loan. Trust me, I hated it too. But its a necessary evil and the more organized you are the smoother your home purchase will go.
Here are two list to help you get started.
Mortgage Pre-Qualification Checklist:
- Your name (and any others buyers' name)
- Current address
- Estimated annual household income
- Estimated monthly household debt expenses
That's it! Super short list, which is why getting pre-qualified is super fast and easy.
Once you get pre-qualified you must then submit the documents below to support the information that you provided to the lender for Pre-Approval.
Mortgage Pre-Approval Checklist:
- Copy of your Drivers License
- Social Security Card
- Your residential address for the past two years
- Paycheck stubs for the last 30 days that show your year-to-date earnings.
- W-2 forms from the previous 2 years, if you collect a paycheck.
- Profit and loss statements or 1099 forms, if you own a business.
- Most recent federal tax return, and possibly the last two tax returns.
- A complete list of your debts, such as credit cards, student loans, car loans, and child support payments, along with minimum monthly payments and balances.
- Canceled checks for your rent or mortgage payments.
- Your original bank statements (all pages) from the two most recent months of checking and savings accounts
- Statements from the past two months for IRAs, stocks, bonds and any other securities if you intend to use any of these assets for your down payment.
- Information on any real estate that you already own - property address, current market value, mortgage lender's name and address, loan account number, balance, and monthly payment
- Divorce decree or seperation documents (if applicable)
*Additional documents may be required by your lender.
The list can be daunting to tackle but luckily technology of online banking can make this easy.
My biggest piece of advice is to NOT WAIT until you HAVE to move but speak with a mortgage professional as far in advance as possible to make sure there are no surprises, you don't feel rushed, you can get all of your questions answered, and you have time to compare mortgage programs and types to get the best fit for you and your family.
As always, I am a phone call, text, or email away if you, or someone you know, has a real estate question.
Ashley Jamerson, Realtor/Owner of Jamerson Realty an Ashley Lambert Realty CompanyCall/Text: (980) 319-3664 Email: Hello@myagentashley.com