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Posted on November 24, 2008 by Lee Bell | Posted under Mortgage Refinance
Starting the Paperwork for a First-Time Home Purchase
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Before you ever get in touch with a mortgage lender, you need to go ahead and get a copy of your credit report. After you get a copy, double-check it for any errors or possible problems. If you find an error, you need to contact the creditor right away to make sure that inaccurate items get fixed on your report. Even if you may have a low credit score, it does not mean that you cannot get a home loan, but you may have to pay a higher interest rate. Time Spent Organizing Helps the Process After you have picked which lender you would like to do business with as well as the mortgage rates you anticipate getting, your lender will ask you for a Verification of Employment form. What you can do is ask your human resources office to be on the lookout for this form. That way you can rest assured that your critical document is not simply buried in in a stack of mail or on top of a fax machine. If human resources is expecting the document, they are much more likely to complete it quickly. One other set of records that you will need are your pay stubs. Make sure you give your lender copies and not the originals. You will also need the last two W2 forms that you have gotten from your employer. Your lender will also definitely need your tax returns from the last two years as well. If you have a co-applicant, all of these forms will be needed for that person as well. Assemble Additional Personal Documents to Complete the Process Lenders request just a few more pieces of paperwork to make their mortgage decision. Locate at least three months' worth of your checking and savings account statements and make copies to give to your lender. You will also need to provide copies of any asset statements, be sure to include those for retirement accounts, stocks, bonds or mutual funds. If your mortgage lender is a local business, bring along your photo identification so the lending agent can make a copy of it for identity verification purposes. If not, send in a copy of it with the other necessary paperwork. If you do not have a license, a passport will meet the requirements. The final thing that you need to do is to make a financial inventory. Calculate how much money you owe and make a list of each account. This includes things like car loans, other real estate purchases, student loans and credit cards. Your lender will probably ask for copies of statements of all of these accounts. You will also want to figure out how much cash you will have remaining after you have paid your down payment and the remainder of the closing costs. A copy of your social security card is also going required. Gathering all of this paperwork really is the difficult part, so getting a jump on collecting the necessary documents really is a bonus! About The Author: Take a look at East Carlsbad view homes for sale for a great ocean or mountain view home in California. You may also want to take a look at Clairemont four-bedroom homes for sale in San Diego, CA. |
Tags: MORTGAGE LENDER, HOME PURCHASE, CREDIT REPORT
