Your First Step to Home Ownership
For many homebuyers, the first step towards buying a home is applying for a mortgage. Even before you find the home you want to purchase, you should begin the application process. Being preapproved or prequalified for a mortgage ahead of time can be an advantage. It can make you a more qualified buyer and can accelerate the homebuying process when you finally find the right home for you and can’t wait to call it yours!
So where do you begin?
First: Gather Your Info
The information we’ll need about you – and any co-borrowers – can vary according to the loan type and your personal credit situation. The list below will give you an idea of some of the requirements that you might anticipate. Note that you might need to supply additional information and/or documentation depending on your particular situation.
Required Documents
- Social Security numbers, or individual taxpayer identification numbers for all borrowers.
- Home addresses for at least the past two years.
- Your most recent paystubs covering at least 30 days of income
- Your most recent W-2s (two years) , or if self-employed, 1099s or K1s (two years)
- Your most recent Federal Tax Returns (two years), including all pages and all schedules. Note: if you are self-employed, you may need to provide both your personal and business tax returns.
- Two to three-months of statements for each of your accounts: Checking, savings, IRA, 401K, credit cards, etc.
- Information on other consumer debt accounts such as car loans or leases and student loans
- Social Security award letter or pension award letter, if applicable
- Year-to-date profit and loss statements and/or balance sheets, if self-employed
- Gift letter if you are using money from parents or relatives (for example) to help cover down payment or closing costs
- Landlords name, address & phone number, if you rent
- May also need to show rent/utility payments to document payment history if needed
Additional Documents That May Be Required
- Proof of identification via a Photo ID (Drivers license, Passport, etc.)
- Copies of your Social Security Card(s)
- Documentation of child support, if you wish to show it as income, and a copy of the divorce settlement
- Copy of your most recent monthly statements for any mortgages, home equity loans or lines of credit you may have on existing properties (if refinancing or purchasing additional property)
- A copy of the signed purchase and sales agreement
- Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
- Explanations for items that might appear on your credit report such as late payments, collections or credit inquiries that were generated in the last 90 days
Next, Talk to Maple Tree Funding
Get in touch with us at Maple Tree Funding when you’ve decided to actively look for a home. Many real estate agents will require a pre-qualification letter before showing you homes to ensure you can afford a mortgage in a particular price range. As licensed mortgage brokers, our professional team members will review various loan programs with you and advise you on which program will best suit your needs. We’re here to answer all of your questions, and will help you prepare and submit your application.
Be Prepared When You Apply for a Mortgage
Don’t let this list scare you! It’s designed to give you a general sense of the types of things you may need to apply for a mortgage. For clear guidance through the process, contact the experienced mortgage professionals at Maple Tree Funding today! Our team would be happy to answer any questions you may have on the application process.
Give us a call at 518-782-1202 or complete our easy online contact form to get started!