Other than your personal identification cards, your mortgage lender requires a verified employment form, last two pay stubs, wage and tax statement (W-2 form) both the husband and wife, federal tax returns documents, bank statements, asset statements, homeowner’s insurance, annual credit report, and your identification card.
The bank requires that the employment form be fulfilled and although filling up this form is the job of the human resources of your company, you may remind them to fill it up as soon as they receive your request.
Part of the documentation is to make sure that you have the ability to pay the mortgage by showing photo copies of your last two salary stubs. It is also a good idea to prepare the wage and tax statement or the W-2 form of the working spouse. If both spouses work, both their documents should be presented. If the tax documents are not up-to-date, make sure you have at least two of the most previous tax documents.
Bank statements are also necessary as well as asset statements which may include bonds, mutual funds or retirement funds. These documents will establish you as person with the ability to make payments for your mortgage.
You can also buy a homeowner’s insurance before the purchase of the property. This may seem too soon, but is not and done in almost all purchases. Prepare your annual credit report. Review it and make sure that you pay your credit cards on time so that your credit report will be clean. Your Realtor might ask you for credit report fee. This is usually done after you have decided to get the loan and not before.
Part of the documentation needed to be prepared is a personal check book. A cashier’s check will do just fine and the amount can be confirmed with the right amount. The amount will change and not be final until the morning of the closing day so make sure that your Realtor or lawyer can give you up to date information. The cashier’s check should bear the exact amount for the closing deal.
Your real estate agent can help get the necessary document before you make a purchase. When you have all the documents needed, present photo copies of the original.
Presenting the required documentation is a normal procedure that takes place before buying a property, but before you present them it is important that you take some time to read them to make sure that you are providing the right details. Examine the documents presented in order to make sure that everything is in order.
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