A Wave of Documents

By
Real Estate Agent with Long & Foster Avalon 0789718

If your plan for 2015 is to purchase your first home or a vacation property, your course of action should start long before you view the first listing.  The mortgage process is challenging for even the most seasoned buyers, so preparation is key to the overall plan.

Mortgage rates are holding steady but experts predict this trend will change by year's end.  A Realtor will ask for a pre-approval letter prior to scheduling any listing appointments.  This letter is an important step in the process but is not a commitment or binding in any way.  The documents needed to start the process are tax returns, W-2 statements, pay stubs, bank statements, social security numbers and often, proof of employment.  You may be asked to provide these documents once you apply for a mortgage, so keep the file organized and accessible.  If you are searching in a resort location for a vacation home, the lender may ask if it is a rental or if you will rent the property.

The internet is a great resource for information regarding mortgage rates, etc., but speaking on the phone or meeting in person with a lender is important as well.

 

Comments (12)

Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Marilyn

With the mortgage rates being as low as they are . . .  . this is a great time to buy real estate.

Good luck and success.

Lou Ludwig

Jan 18, 2015 08:36 AM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Marilyn O'Donoghue welcome to ActiveRain! You are so right. Buyers need to start ahead of time to buy a home and mortgage rates are not going to last forever.

Jan 18, 2015 08:38 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Marilyn, it is so true, buyers can easily get overwhelmed with all the requests for different pieces of paperwork.  I usually start preparing them for that right from the beginning. 

Jan 18, 2015 09:04 AM
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Yes a pre-approval is really only worth the paper it's written depending on how far they have taken it through the process.

Jan 18, 2015 10:29 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Stacks and stacks and piles and piles of receipts, verifications, forms, etc. 

   You said it, Marilyn! 

Jan 18, 2015 12:42 PM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

You are correct that NOW is the time to purchase that home, as prices are on their way up once again.

Jan 18, 2015 10:32 PM
Tom White
Franklin Homes Realty LLC (615) 495-0752 or www.FranklinHomesRealty.com - Franklin, TN
Franklin Homes Realty LLC, Franklin TN

 Hi Marilyn, it's great to see new folks on AR jumping right in with a Rainmaker account! Welcome. The Rainer accounts are great but don't go out to the public. Getting organized with your paperwork is essential for buyers to make the process as stress free as possible! Well done!

Jan 21, 2015 02:06 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

I can tell you first hand, there is much to much paperwork, but a great time to buy a home.

Jan 23, 2015 08:43 AM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Marylin, great heads up for buyers to be aware of. Lenders typically ask for yet more paperwork and verification the closer you get to closing which can be frustrating to many new and seasoned buyers alike.

Jan 29, 2015 05:36 AM
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Marilyn, buyers are often overwhelmed by the required documents when applying for a loan.  Your informative post will help many prepare in advance.

Feb 03, 2015 12:31 PM
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes

Very good info. I like to keep my favorite mortgage people information at the ready. It all begins with the pre-qualification. Armed with their purchasing power, the buyers are much more ready to have a positive experience.

Feb 06, 2015 09:50 PM
Marilyn O'Donoghue
Long & Foster Avalon - Avalon, NJ

I agree Chuck Willman and I too make sure the buyers are as informed as possible!

Feb 07, 2015 10:24 PM