So you’re looking to purchase a new home or perhaps refinance an existing mortgage loan, but you aren’t sure of the documents or what information you need before speaking with a potential lender. This is a commonality we find with many of our clients and to help you better prepare, I’ve come up with a list of all necessary documents when looking for a mortgage loan.
1. Mortgage Statement from your 1st (and 2nd if you have one) Mortgage. (This is just the monthly bill that your mortgage holder sends)
2. 2 Years of W2 Forms from your employer (To clarify: Not your tax returns, just the W2 forms your employer sent you at the end of each year)
3. Last 2 Pay stubs (Last 30 days of income)
4. Homeowners Insurance Declarations Page(s) for all properties (Your insurance company sends this to you once a year. If you can’t find this, just put the name of your agent and the phone number)
5. Social Security Number & Pension Award Letters
6. Federal Tax Returns
7. Copy of Drivers License/Photo ID
Make sure to do your research before applying for a mortgage. Take a look online at the housing market (http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx) to see what the average rates are for the week. You can also research different types of loans (https://geqfinance.com/home-loans-overview.php) to see which you may be interested in learning more about and pursuing. Before speaking with a lender, look up your credit score (www.experian.com). You’re able to get up to three free credit reports each year so if you haven’t inquired recently, check it out to see where you stand. This will allow the lender to pull up more accurate information on rates you qualify for.
Don’t overwhelm yourself. This is a big decision. It could quite possibly be the biggest decision of your life. Although owning a home can become stressful, it is an exciting accomplishment for anyone. Call us today to speak with a loan expert to discuss what options you have: 800-245-3279.