Applying for a home loan takes a bit of time, organization, and patience. In order for your loan amount to be approved, your lender needs proof of certain aspects of your life, such as employment, current homeownership, and any debts you owe. Set aside some time to gather the correct information, because the more organized you are with your paperwork, the smoother the loan process will be.
Wondering which documents you need to present? Here’s a list of some of the items you should have on hand to make the lending process as simple as possible. Remember that if there’s more than one name on the mortgage, you’ll need documentation for every person listed.
• Names/addresses of employers for the past two years
• W-2s for the past two years
• Copies of pay stubs showing at least 30 days income
• One or two years of tax returns
• If self-employed, profit and loss statement, plus signed tax returns for the past two years
• Social security, disability or pension payments
• Information on security accounts
• Debt information (student loans, car loans, credit card debt)
• Information on any other properties you own (copies of recent mortgage payments, leases, insurance information)
This is not a complete list, but should get you started in the right direction. Talk with your lender to ensure you’re properly prepared when the time comes to officially apply for a mortgage.
Citywide Home Loans makes the loan process simple. Visit www.citywidehomeloans.com/ to see how much home you can afford and find a loan program that’s right for you