If you own another property or have owned one in the past, be ready to provide proof of ownership or sale. Go a step further and compile creditor names and addresses, account numbers, monthly payment amounts and outstanding balances of each account. Gather up-to-date statements that show your remaining balances. Next you’ll need to show any outstanding loans you have, including car payments, student loans, additional mortgages or credit card debt. Your pay stubs and tax documents show your income. Your qualification to receive a mortgage loan comes down, in part, to your debt-to-income ratio. If you’re self-employed, work as a contractor or otherwise operate a business, your lender will want to see tax returns (again, signed), along with year-to-date profit and loss statements. In most cases, 30 to 60 days of transactions will suffice. Lenders want a snapshot of the money coming and going from your bank account. If your income has changed drastically year over year, your lender may require further explanation or documentation. (If you haven’t already, be sure to sign your tax documents.) A long-term history shows your ability to pay your mortgage over the life of the loan - often 30 years. Tax Documentsīe prepared to include at least two years of tax returns and W2s with your paperwork for buying a house, which will further support your income history. Include all company names and addresses, along with names and contact information for your former bosses or HR representatives. Compile a contact list documenting your last two years of employment. Employer Contact InformationĪgain, steady income is the name of the game when it comes to securing a loan. But, in some cases, your lender may request a letter from your current employer to confirm your hire date and employment status. Your lender will likely use your pay stubs as proof of employment. Use our calculator to see how much mortgage you can afford. If you don’t have paper copies, contact your workplace HR representative for digital stubs. Bank on showing at least 30 days of income via pay stubs. Lenders need to know you have stable income that will allow you to pay your mortgage each month. But what documents are needed to buy a house? The exact paperwork needed to buy a house will vary depending on several factors, including your lender, loan amount and income. As a starting place, we’ve compiled this list of 12 documents needed to buy a house. Once you’ve decided to jump into the market, give yourself a leg up - and minimize the last-minute scramble - by taking some time to gather the documents you’ll need for your home loan ahead of time. Finding the perfect property, moving from your current residence and securing a loan can be tough to juggle.
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