10 Things You Need To Get a Mortgage
Here is a list of the 10 things you need to get a mortgage. For some, getting a mortgage is scary. For some, just getting started with the process creates anxiety which leads to procrastination and doubts of if they would even qualify. After having been a realtor for years, I can honestly say I have seen many different mortgage scenarios, and being self employed have had to jump through some additional hoops myself. I thought to take the anxiety out for some I would share the information needed to start the loan process.
1. You will need to provide lender with 2 years of W-2’s (they normally want the last two years tax returns in lieu of W-2’s)and the last 30 days of paycheck stubs.
2. The lender will need a copy of the contract on the home you are purchasing. In order to go to contract you would have had to have already given some basic information to a lender in order to obtain a pre-approval letter which is required when you submit an offer on a property for sale.
3. The lender will need loan information on any other real estate you may currently own.
4. The lender will need last 3 months of bank statements on all accounts.
5. The lender will need all current monthly obligations including credit cards. They need all account numbers and balances owed.
6. The lender will need a copy of your drivers licence or some type of photo ID.
7. If you are going VA the lender will need Certificate of Eligibility and DD214’s.
8. The lender will require a check/credit card payment for pulling your credit and for the appraisal on the property you are purchasing.
9. If you are self employed the lender will need the last two years of tax returns with schedules, year to date Profit and Loss statement, and any balance statement you may have.
10. If you have ever been divorced or have filed bankruptcy the lender will need the divorce decree or bankruptcy documents.
If your are seriously looking to make a home purchase I would strongly advise you to go through the pre-approval process where many of these documents will need to be provided to the lender. Once you have been pre-approved you will now know how much you qualify for so you know your budget when looking at homes.
If you live in the Tampa area I recommend you give Eros Dahl with Riverview Mortgage a call. He is a broker, which means he can usually get you a better interest rate than a bank or a credit union and one of the best thing I like is that he is available 7 days a week, evenings and weekends, and even on a holidays which as a realtor is important. If you are a conventional, FHA, VA, or USDA buyer he does it all! You can reach him on his cell at 813-470-9720.