At the Ready: Documents You Should Bring to Your Home Loan Application Meeting

Being prepared and bringing the required documentation with you to your first meeting can go along way in making the home loan process go smoother. If you are a first-time homebuyer this process can be a little intimidating and for seasoned home buyers, sometimes we forget all that is involved in putting together a home loan package.

Be your own advocate and go over this checklist to ensure you have all the required documentation and are prepared to begin your home loan process.

The First Meeting

When you first meet with your home loan consultant, they will require certain documentation from you and your co-borrower (if applicable) to begin the process. Having the proper documentation is vital. Here are the items you should bring for each borrower at your initial meeting:

Income Verification: You should bring copies of your last two years of tax returns; two months of pay stubs; official documentation supporting any dividend income, interest income, child support, alimony, and any other sources of income. In addition, bring three months of bank statements. Include additional savings information from 401k accounts, money markets, stocks, and mutual funds. If you are self-employed, bring three years worth of tax returns and year-to-date profit and loss statement.

Employment Verification: Have the names, addresses, and telephone numbers of employers for the last ten years.

Address Verification: Supply the addresses you have lived at for the last ten years.

Identification Verification: Bring your original social security card(s), driver license(s), or state issued photo identification(s). 

Debt: Bring documentation supporting your current debt. This would include vehicle loans, credit card debt, personal loans and bank loans. If you have supporting information regarding debt you have paid in full, it is a good idea to bring it with you to the interview.

Additional Personal Information: If applicable, bring copies of your official divorce paperwork, official alimony documentation, green card and work permit. If you have ever filed for bankruptcy, bring copies of your discharge paperwork.  

Tying Up All the Loose Ends

This list will assist you in compiling the necessary documentation for beginning a home loan. Your friendly mortgage consultant will provide you will a list of any additional information you may need. Each loan (FHA, VA, Conventional, etc.) program has different requirements. Your mortgage consultant will give you specific details regarding any additional paperwork required.

Now is the Time 

With interest rates at a historical low, there is no better time than now to purchase a home. Contact us at 505.836.5700 to begin your home loan process today. 

Posted by Indigo Mortgage at 12:09 PM 1 comment: