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Steps to Obtaining a Mortgage..... |
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Generally, prior to a serious search for your new home, you should contact a lending institution to determine your eligibility for a mortgage loan. Lenders can "pre-qualify" you and assist you on determining exactly how much home your income and other financial resources will permit you to purchase. Additionally, your lender will be able to provide you with a "good faith" estimate of the additional costs of acquiring a new home such as insurance, taxes, or recording fees. |
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Get Pre-Qualified Now!
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- Being "pre-qualified" for a mortgage has several advantages:
- It identifies your specific price range
- It helps demonstrate your commitment to sellers
- It helps insure you won't miss any buying opportunities
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Most lenders will ask you to complete an application and for your permission to run a check on your credit history. The following items are also generally required:
- 2 years of residence history
- Address of mortgage company or landlord for last 2 years
- 2 years of employment history with W-2 forms for each employer
- Year-to-date pay stubs for the last 30 days
- 2 years of tax returns
- If you are self-employed, you will need to provide 2-3 years of federal tax returns, profit and loss statements, and balance sheets
- 2 months statements from other personal investments
- List of monthly debt, account numbers, payments and balances
- Alimony and child support information may be required
- Credit report and appraisal fees paid
- Be prepared to account for the source(s) of all funds for your down payment and closing costs. Letters explaining gifts from relatives may be required
- Drivers license with photo, social security card
- A copy of the Sales Purchase contract on your new home
- VA certificate of eligibility (VA loans only)
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