Buying a home for the first time or the fifth time can sometimes be a scary and stressful period for many homebuyers, especially when it comes to applying for a loan. It's a large commitment and the loan process can take anywhere from one to four weeks for approval, depending on the financial institution and their requirements. But, if you are well-armed when you go in to see your lender, you can speed up the process by bringing these items with you!
1. Two of your most recent paystubs, 2 years of your W2's or 2 years tax returns if you are self-employed or earn your income through commission.
2. Most recent 2 months bank statements for all of your accounts.
3. A list of all your obligations owed, such as credit cards, loans, etc. You'll need to know your balances, account numbers and payment amounts.
4. Current photo I.D. and proof of Social Security Number
5. If you own rental property, remember to bring any information regarding those properties. Copies of current leases, information on the mortgages, etc.
Bear in mind that these are just to get you started and your particular lender may ask for additional information. With stricter guidelines and different rules being enacted, you may even wish to ask your lender in advance what you should bring to your appointment. The more prepared you are in advance, the less your lender is going to have to ask for and the faster your loan application can be processed. Remember that the faster you can provide information to your loan officer the faster your loan can be approved!
The homebuying experience need not be a frightening time with the good help of your real estate agent and your lender. Don't be afraid to ask questions and get help if you need it. Your agent is more than happy to help you and support you before, during and after your purchase!
Comments(0)