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When it comes time for home buyers to start dealing with mortgage lenders, there are a number of items that must be remembered and submitted to complete this initial stage of the process. After completing a form to provide consent for a credit check (names, birth dates and social security numbers will be required for all applicants of the mortgage), you will need to start compiling a list of documents for later submission to the lender. “The sooner you begin collecting the necessary paperwork, the faster you can continue throughout the process,” says Todd Hetherington, CEO of Century 21 New Millennium.

When applying for a mortgage, you will need personal, employment and financial information readily available. Remember the following:
•    Personal Information – Full names of all of the applicants will be needed along with their original social security cards. Addresses for the last two years and the names and addresses of landlords will also be requested. “Your personal information is the starting point for mortgage lenders when they are conducting a background check on you,” says Hetherington. “Basics like these are essential for the process.”
•    Work History – Home buyers also need to show a consistent work record. The names and addresses of all employers for all applicants will also be requested. “This information should date back as far as two years and include W-2 forms for all applicants,” says Hetherington. Be sure to include recent pay stubs as well. If any applicant is self-employed, copies of a current profit-and-loss statement, a current balance tally and income tax returns will also be required for submission.
•    Financial Information – Then, there’s your personal finances: account numbers, current balances, and addresses for all checking and savings accounts will need to be submitted. Account statements for the last two years, existing investment or retirement funds, and proof of alimony or child support will also need to be presented.

This lengthy list of requirements can be daunting, so it’s important to begin locating these documents before they are needed. “By being prepared, you can keep the buying process moving and be that much closer to closing on a new home,” says Hetherington.

For more information on lender requirements, please contact us at move@c21nm.com, or 800-382-1101.

Real Estate is Great at Century 21 New Millennium!

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