EXCITEMENT OR TRAUMA?

 

Buying a home is one of those experiences that can rank near the top of the list of exciting/traumatic events in one’s life.  It is, for most of us, the biggest purchase in our lives.  Not too many of us have hundreds of thousands of dollars under our mattresses.  Consequently, one of the many adventures we face is financing the purchase.  Finding a trusted mortgage representative is a necessary and invaluable first step in the process.  Before you begin shopping for a good advisor, it is helpful to gather together all of the documents a lender might want to look at.  If you have been through this process you know that lenders want to know quite a bit about your personal financial history.  I checked with John Vallee, Jr., a mortgage advisor with MTG Finance, and Andrew Leckie, a loan officer at Seafirst Capital and they each gave me a list of items you will want to have on hand when you start looking for a loan.

 

DOCUMENTS TO ASSEMBLE WHEN APPLYING FOR A LOAN

 

1.              Copy of driver’s license, social security card, and/or passport

2.             2005 and 2006 Tax Returns / 2006 Profit and Loss Statement

3.             2005 and 2006 W-2 forms

4.             Two month’s most recent bank statements

5.             One month’s paycheck stubs

6.            Bankruptcy discharge papers, all pages (if applicable)

7.             Credit letter fully explaining any derogatory credit items

8.             Divorce decree (child support being exchanged or credit payment issues)  (if applicable)

9.             Social Security Award Letter (if collecting SS benefits)

10.          Retirement statements and asset statements, 401K, mutual fund

 

Assembling these documents before you begin to shop for a loan will go a long way in taking some of the trauma out of buying a new home.  Perhaps the most important step is finding the right loan advisor.  He or she is essential not only to finding the best loan for you in a timely manner but to keeping you informed during the process and to your peace of mind.