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:
- 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.
- Employment History
- The name and contact information for any employer you’ve worked for over the past two years.
- 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.
- 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.
- Debt Information
- Name, contact information, account number, balance, and monthly payment(s) on all outstanding loans and credit cards.
- 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.
- Personal Property Information
- The rough value of your furniture and other personal property including vehicles, boats, campers, etc. and their make/model.
- 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.
- 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.
- 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.
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