What to Expect During the Paperwork Process
Although purchasing your first home is a dream come true for most buyers, it is also very easy to get overwhelmed by the actual buying process. Searching for your home may seem like the difficult part, but it is typically all of the other agencies that get involved during a home purchase that can make the process stressful. The paperwork part of the process is important, because your home is more than just a place to live. Your home is one of the biggest investments you will ever make. To get ready for the paperwork, there are many documents that your lender is going to need. If you prepare for the purchase and get the necessary documents together first, the process will go much more quickly.
Purchasing a home can get stalled and delayed for any number of reasons. To make sure that you are not the reason for a delay, take some time together all of the documents that you are going to be asked for. Here are some of the things you should have ready to go.
Your mortgage provider is going to need a copy of your last two paycheck stubs. Be sure to keep the originals, and you will also need to provide proof of any other income that you have. Get copies of your last two W2 forms from the last two years. These documents are important to the lender because they provide tax and wage information that they will have to verify.
Copies of your last two tax returns are also going to be needed. When you copy these documents, double-check to make sure you have signed them as well. And this may seem personal, but your lender will want to see several of your most recent bank statements. The reason is that the lender wants to see what your spending habits are, and the only way to do this is to take a look at what you actually spend your money on.
You’ll also have to gather paperwork like statements for stocks, bonds, retirement accounts, mutual funds, and savings accounts. Check with your lender to see if they want printed copies or if they need to have actual hard copies. The lender may also need a copy of your current driver’s license.
A Few Things to Consider
If you have more than one person on the mortgage application, the documentation will be needed for each person. It is also a really good idea to get a copy of the credit report for each buyer as well. Many times there are a number of mistakes on a credit report. If you go ahead and get a copy of each credit report, you can get these mistakes taken care of. Another good tip is to make sure you keep copies of each and every piece of paperwork. You can also expect that your current employer will be contacted by the lender as well. It’s a good idea to go ahead and let your employer know that they should expect to be contacted. If you take the time to get your paperwork in order, the home buying process will be much, much easier!
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