4 Ways to Prepare When Applying for a Home Loan

Sep 22, 2020 | Core Bank, Personal, Real Estate

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When you’re applying for a home loan collecting the following documentation will not only make your life easier but it may help speed up the process as well:

  1. Your residence history

The first piece of information you want to make sure you have is your previous addresses for the last two years and how long you lived at each. If you currently rent, make sure to have your landlord’s name, address, and telephone number to verify the most recent 12-month rental history.

  1. Your employment history

For your employment history you need to have the names and addresses for all of your employers for the last two years as well as the date range of employment for each employer. You will also need your gross income amount from paystubs for the last consecutive 30 days. If you’re self-employed, past two year personal and company returns plus year-to-date profits, loss statements, and current balance sheet are required. The gross monthly amount for retirement, social security, or disability income will all need to be reported as well.

  1. Savings, checking, and investment accounts

You will need two most recent monthly statements of the balance of checking/savings accounts, balances of stock/mutual funds, and 401k/retirement accounts (most recent quarterly statements). Make sure to include all pages, even if they’re blank. 

  1. Additional information (if refinancing)

If you’re refinancing, you will need to provide the amount of your most recent property tax bill, most recent homeowner’s insurance bill, and copy of the most recent mortgage statement or coupon book. Lastly, you will need to provide HOA dues amount/coupon (if applicable).

Now that you know what to expect when applying for a home loan, you can start the process with peace of mind knowing that you’ve prepared.

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