Finally at a stage where you're ready to buy your first home? Planning to refinance soon?
The key to a quick and painless mortgage process is to be ready. Having the paperwork you need eliminates much of the back-and-forth when applying for a home. Here are the top 10 things you should have prepared to help ease your mortgage application process:
- Tax Documents: Have your last two years of tax returns and W'2's. Make sure to include all schedules.
- Pay stubs: All of your income should be recorded so that you can receive the best possible option for repayment. Be sure to bring 30 days worth of your most recent pay stubs, for any full and part-time jobs you hold.
- Bank Statements: Knowing where the money put into your bank accounts come from is very important to regulators. You will be asked for the last 3 months of checking, savings and investment account statements. The good news is, you should be able to print these quickly from your online banking account.
- Residential History: Mortgage loan officers will ask for two years residence history - and any addresses, former landlord's names, and phone numbers. Knowing your ability to repay can factor into underwriting decisions.
- Employment History: Consistency of job time is very important. Show your mortgage loan officers two years of employment history.
- Patriot Act: For compliance purposes, every mortgage officer needs a copy driver's license and social security card to properly verify your identity.
- Personal Debt Information: Are you divorced and refinancing, or did you file for bankruptcy? Be sure to let your mortgage officer know. They may need a divorce decree or papers showing that your bankruptcy has been discharged for a certain period of time.
- Homeowner's Insurance: Start researching this. If you don't have one already, get the name of an insurance agent and provider ready.
- Purchase Agreement: Have any signed purchase agreement by both the buyer and seller with all addendums ready.
- App Fee: Finally, taking in all this paperwork and reviewing it for accuracy is time consuming. Many lenders ask for an application fee to begin processing these documents. Have your fee ready to turn in when your application is processed.
Telhio offers first mortgages with competitive rates. For more details, visit the Telhio Mortgage page.
