This week I wanted to share with you some tips on how to prepare to meet with your lender. Getting pre-approved BEFORE we set out to preview homes is truly the best 1st step in your home buying process.
You will need to verify your income
· Earnings statements. W-2 forms, recent pay stubs and tax returns for the past two years.
· Any documentation of extra earnings, overtime bonus, commissions, interest income, veteran’s benefits etc
Verification of your assets
· List of bank accounts, bank address of your branch, checking and savings account statements for 2-3 months
· List of savings bonds, stocks or investments and their approximate market values
· Copies of titles to any motor vehicles that are paid in full
· Credit card bills for the past 3-5 billing cycles
· Other consumer debt such as car loans, furniture loans, student loans and other personal and cosigned installment loans with creditor addresses and phone #s
· Evidence of mortgage and/or rental numbers
· Copies of alimony or child support
If you have no established credit history, supply the lender with canceled checks for rent, utilities and other recurring obligations to show payment history and amount of revolving debt.
Having these items on hand when you visit the lender will help speed up the application process. Keep in mind that different lenders may have slightly different information requirements, so prior to going to your appointment, go over your prep checklist with your lender to avoid any delays.