Even before you start home searching, you will want to make sure to be preapproved for a loan if you are not paying cash. That way, you know if you qualify to buy, what type of loan you can get, how much you can spend on a house, how much you will need in closings costs (the fees charged in order for you to purchase a home), what your down payment will be, and if there are any issues you’ll need to address before a loan is finalized.
Here are the documents and information the bank will want to see. Have these ready day one, and your loan process can proceed more quickly than if you have to gather things after the fact.
- Address of your residence (past two years)
- Social Security numbers of borrowers
- Employment information, including employers name, address, phone number, start and/or end dates and position held (past 2 years) for all borrowers
- Gross monthly salary at your current job(s)
- Pertinent information for all checking and savings accounts
- Pertinent information for all open loans
- Complete information for other real estate you own, including current mortgage statement and a copy of the homeowner’s insurance declaration page for each property
- Approximate value of all personal property. Personal property includes (please help with this)
- Certificate of Eligibility and DD-214 (for veterans only who are seeking VA-backed loans)
- Current employer check stubs and your Personal tax returns and W-2 forms from the past two years
- For self-employed individuals, income statement and business balance sheet, 2 years’ worth of 1099s and K1s, and 2 years’ worth of personal tax returns and business tax returns.