When you decide you want to make the move toward becoming a homeowner, one of the first things you’ll need to do is prepare yourself for the home loan application process. From getting a copy of your credit report and scanning it for errors or inaccuracies, to gathering your proof of income, there are a lot of steps involved when it comes to getting your application ready. Follow these tips for preparing all essential documents for your loan officer. Create a checklist My FICO suggests making a checklist of all necessary paperwork so you can make sure you are completely prepared when you submit your application. Unfortunately, not having everything ready or submitting the wrong document can delay approval. Reach out to your loan officer and ask for a complete list of all the paperwork needed for a specific loan product. While there might be additional documentation requested, below are some items you’ll need. Remember, these documents are not necessary to apply for a loan:
Gather personal information In addition to proving you have the finances to support the purchase of a new home, you will also need to provide personal information to your loan officer. Identification topics include your social security number, legal status and two forms of government identification. “Reach out to your loan officer and ask for a complete list of all the paperwork needed.” Come in prepared Realtor.com indicated that you will want to be able to demonstrate your financial competence and ability to manage a mortgage loan responsibly. Bring along information about whatever home you are interested in purchasing. Have a folder with everything you need as soon as you head in to speak with your loan officer. Know who can get your paperwork Some of the necessary paperwork can easily be retrieved. However, information about the listing you are interested in will likely need to be gathered from the real estate agent or property manager. This is why you should enlist the help of a professional who has the experience and knowledge to understand what you need and where to retrieve it. Invest in storage now The earlier you get a filing cabinet or other type of organization system, the better off you will be when you decide to apply for a home mortgage. When you have everything in one spot and collect essential documents, the application process will be smooth and efficient. Becoming more informed and organized will ensure your journey toward homeownership is pleasant and exciting. In addition, having all your documents ready to go minimizes the chances of denial. Transaction Coordinator
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