There are what might seem like countless to-do’s when it comes to purchasing a home and quite frankly a lot goes into it. But, knowing what documents you’ll need to have in order can only simplify that. Let’s stop waddling around and determine what those top three items are to get in order to ensure a smooth lending process.
First, we will need to see how you’re planning to pay for the mortgage on your beautiful home. For this, we will need to see recent pay stubs and the previous two years of W-2 forms along with any other additional income sources. This includes items like pension, child support or even social security.
Second, we need to know how you’re planning to fund a down payment – no matter how big or small. In order to do this, we require bank statements, stocks and investments, the sale of assets or a settlement statement.
Last, but not least (as this is a big one), we need to know that you’re a credit-worthy borrower. We want to make sure that you have a history of making responsible financial decisions, and a big factor that goes into the mortgage application process is the review of your credit and payment history.
Taking the time to prepare your financial statements in advance and reading up on the homebuying process will only help provide you with a smooth lending experience. We don’t want you feeling like a “quack,” so let’s take the next step together – contact your mortgage banker!