In
order to qualify for a home mortgage, there are specific documents that
you’re going to need to gather before seeking a pre-approval with your
preferred mortgage company. Here is a list of some of the less-known
documents that you should prepare prior to visiting your preferred
mortgage provider.
Proof of Assets
In order to prove that you can afford the down payment and the
necessary expenses surrounding the home, you’re going to have to present
bank statements as well as investment account statements. If you are
receiving money from a friend or family member to pay for the home, you
will need to prove that it’s a gift rather than a loan. Be sure that you
receive a gift letter from the individual that provided you with the
money.
Employment
Lenders are less willing to hand out mortgages to prospective buyers
due to the risk of them defaulting. This is why some lenders will go as
far as to verify your employment status at your current job. Lenders may
want to contact your employer and check on your salary if need be. If
you have changed jobs recently, the lender may want to contact your
previous employer.
Other Documentation
Other documents that you should keep on hand when you visit your
lender are a driver’s license, social security number, and a signature
that allows the lender to pull a credit report on you. The entire
mortgage process may be stressful. But, by preparing in advance by
allocating all of the necessary documents, you’ll be one step closer to
home ownership.
Bio: Kuba Jewgieniew is the head of Realty ONE Group, a real estate brokerage firm that has offices in California, Arizona, and Nevada.
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