Are you interested in buying a home, and wondering what kinds of documents you will need to provide when you apply for a mortgage? The process of buying a home can seem stressful because it involves several steps, however being well prepared and having all of the necessary paperwork organized ahead of time can help the process be more seamless. If you are buying a home in Jacksonville, Florida, and want to be better prepared for the transaction, North Star Mortgage Network, Inc. can help. Read on to learn more about the documents you will need when buying a home.
Paperwork Needed When Getting Preapproved For A Mortgage
The first document you will want to obtain when getting approved for a mortgage is a copy of your credit report. Your credit score will affect the overall amount of financing you will be able to get for a loan, so you will want to review your credit score and ensure that there are no errors or misinformation on your report that could potentially lower your rating. Getting a loan preapproval letter is the first step to buying a home, and gives you an estimation of the amount of financing you qualify for and what type of mortgage you can obtain. Additionally, loan preapproval demonstrates to sellers that you are serious about buying the home because a lender is willing to lend you funding. To obtain loan preapproval, you will usually be required to provide pay stubs, tax returns and W2s, and proof of any other additional assets.
Documents You Will Need When Finalizing the Home Purchase
Once you have obtained a preapproval letter and a copy of your credit report, you will want to gather additional documents to help you finalize the purchase of your home. Lenders want to ensure that you have consistent income and are able to afford your monthly mortgage payments, so you will need to verify your income and provide current pay stubs. They will also want to get an estimate of your incoming and outgoing payments, so you will need to provide copies of recent bank statements and documents that detail any outstanding debts, such as car payments, student loans, credit cards, etc. You also will need to provide tax documentation from as far back as two years. Additionally, you will need to provide any additional assets you have, including stocks, bonds, pensions, social security, etc.
Organizing Your Paperwork To Buy a Property
Purchasing a home requires a great deal of documentation, which can initially seem overwhelming, but being well prepared and organized with your paperwork will help the process run more smoothly. If you are buying a home in Jacksonville, Florida, and want assistance preparing your documents, North Star Mortgage, Inc. is here to help. Contact us today for a consultation.