Looking to purchase a home? Purchasing a house through refinancing, reverse mortgage, or applying for a conventional loan are possible ways for your dream to become a reality. Here are some ways to get you started on your journey to owning your home.
Lenders rates and other charges may vary, but generally, they will be asking you to submit the following documents:
- pay stubs that will cover the last 30 days of your pay
- W-2s for the past two years
- Personal and business tax returns
- Bank statements for all your accounts, including the investments you have made
- A copy of the most recent profit/loss statement if you are self-employed.
- A copy of the signed Purchase and Sales Agreement
Be prepared also to disclose information about your spouse or partner, especially if they will be your co-borrower in the mortgage loan. To prove your creditworthiness, the lenders will need to know and verify your employment history and overall financial health. When you purchase your mortgage, the lender will also need to get your permission to run your credit report as it is part of the process. It might be tempting to mask the truth about your financial health, but you need to be upfront and honest about it as it may cause you bigger problems like delaying the process, or even worse, your non-disclosure might even prevent you from getting approved.
Some lenders will require you to apply personally, but some are okay with just phone or online applications.