Buying a home is exciting, but frankly, getting a loan isn’t. It’s a necessary process if you need to borrow money to purchase your dream home. Around 60% of our closings involve a loan, so we certainly can help with the process. Remember, there is a HUGE benefit to using a local lender as opposed to a big national or out-of-town lender. Click here to read our article why.

Here’s a few things you’ll need to bring with you to speed up your loan approval process:

1. Residence History
   • Your street address, or addresses, for the past two years.
   • If you rent, your landlord’s contact information.
   • If you own your house, your mortgage lender’s name and account number.
2. Employment History
   • The name and contact information for any employer you’ve worked for over the past two years.
3. Income Information
   • Your gross monthly salary and/or other income.
   • Year to Date pay stub.
   • W2’s for the past two years.
   • Signed tax returns for the past 2 years, especially if you work on commission or wish to use interest, dividends, or bonus income to qualify for the loan.
   • If self employed, bring the past two years and the current Profit & Loss statement in addition to tax returns.
   • If you’re not currently employed, bring proof of other sources of income.
4. Deposit, Retirement and Equity Account Info
   • You’ll need statements for the past two months of all checking, savings, IRA, retirement, 401(k), stock and mutual fund accounts. Make sure the statements show your balance and account numbers.
5. Debt Information
   • Name, contact information, account number, balance, and monthly payment(s) on all outstanding loans and credit cards.
6. Real Estate Information
   • The address, current market value, and loan information of all real estate you own.
   • Copies of any leases on any rental property you own.
7. Personal Property Information
   • The rough value of your furniture and other personal property including vehicles, boats, campers, etc. and their make/model.
8. Sales Contract
   • If you already have an offer to purchase in place, bring a copy with you. Otherwise, your Realtor can forward it to the lender once you’ve found your property to purchase.
9. Fees
   • You’ll have to pay for your appraisal and credit report with a check, so bring a couple checks with you for any fees that apply.
10. Other
    • Government issued ID
    • If applying for a VA Loan, you’ll need military discharge papers (Form DD214) and your Certificate of Eligibility.

This article is courtesy of a contribution made by Teresa O’Blenes. She is a mortgage lender with BB&T Bank here in Murphy NC. She’s an excellent resource and can be reached at 828-837-8017.

Ready to start your home search and navigate the loan process with ease? The Poltrock Team is here to help from offer to closing!

Call The Poltrock Team – REMAX of Murphy NC –www.MyMurphy.com –JohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team