Are you are tired of renting and are ready to become a homeowner? Before you apply for a home loan gather some information and documents before visiting your mortgage broker. Its always preferred that a home buyer be prepared before they speak with their broker. Typically a home buyer will need three pieces of information in order to apply for a loan. These three things include a credit report, proof of income, and license (possibly two forms of I.D.). Aside from these three items you may be required to provide additional documentation. You can contact your mortgage broker for further details. He or she will be glad to give you a list of items needed to ensure that you are fully prepared to begin the loan application process.
Credit Report-Your mortgage broker can obtain a copy of your credit report for you (with your permission). This is a credit report that contains your credit scores from Transunion, Experian and Equifax. A lender will look at the three credit scores listed and use the middle score to consider you for a loan.
Proof of Income- Recent pay stubs within 30 days, last 2 years of W-2 forms and tax returns, 2 months of recent bank statements or other required proof of income are needed to ensure that the home buyer is able to financially afford the monthly mortgage payments.
Proof Of Identity/Age- Loans are administered to those 18 years and older.
By having these and other required documents prepared for your broker, the process will proceed much faster and more fluidly. Priority Lending strive to ensure that every loan transaction is simple, efficient and hassle-free. By doing your part, you and your mortgage broker will enjoy the home loan process even more.
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