Getting pre-qualified is something you should do as soon as possible in your home search process. Today, we’ll be discussing some of the documents you will need.
Looking to buy a home? Click here to search all houses on the local MLS.
In today’s lending environment, what documents will you need before a mortgage?
Before anything else, the first step you should take in your home search is partnering with a quality lender who can help you get pre-qualified.
Your lender will start by having you fill out a 1003 form—a standard application within the industry. Doing this will allow your lender to pull your credit report, review your file, and determine what additional documents may be required for them to help you with your loan.
Five documents, specifically, will always be necessary in this process no matter the outcome of your 1003 form.
- A copy of a photo I.D.
- Tax returns for the last two years, both personal and business.
- W2’s for the last two years.
- Pay stubs for the last full month.
- Your last two most recent bank statements. These statements will need to include your name, account number, and the bank’s name on each page. Include each and every page, even those that are blank.
Always be prepared to show the seller that you are ready to buy.
At this point, the lender can then reassess what, or if, further documentation will be necessary to process your loan. This will all ultimately depend on your personal circumstances.
Doing your research at the start of your home search process and obtaining a pre-qualification letter will make a huge difference in your success. By being proactive, you are prepared for all circumstances.
You wouldn’t want to be caught in a situation where you wanted to make an offer on an evening or weekend, but didn’t have your pre-qualification ready to go. Especially in a competitive market, you should always be prepared to show the seller that you are able to buy.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.