Home Buying Financial Process
The home buying financial process can be a scary thing for homeowners so whether you are buying a home for your first time or fifth time it is important to prepare your financing so that when you do find your dream home the process go smoothly. It may seem surprising the amount of documentation required, but know that it is necessary to ensure a smooth, fast and accurate closing. You will need to proved many different financial records in order to obtain financing.
Why the Home Buying Financial Process so detailed
Due to recent year’s market conditions, lenders have put tighter controls in place as an effort to better ensure that homebuyers can repay their loans. Although this may cause a more thorough approval process, the goal is fewer loan defaults.
Be prepared to answer typical Home Buying Financial Process questions
Income Information: federal tax returns, W-2s, pay stubs
Credit Information: retirement statements, checking account statements, savings account statements
Business Information: business federal tax returns, profit and loss statement, list of business debts
Additional Property Information: your latest mortgage statement, property tax bill, verification of homeowner association dues (HOA)
Other: Social Security card, homeowners insurance information, copy of a driver’s license
*Please contact your home mortgage consultant or home loan processor to obtain a complete list and additional information about the exact documents required to underwrite and approve your mortgage.