Applying for a Mortgage

Following are a couple of items to consider in preparation for obtaining a lender’s pre-approval.  Note: the mortgage lender may ask you for a number of additional documents:

    • Obtain your credit report before applying – This will give you an opportunity to clean any errors up before meeting with a lender. Even if your credit is good, mistakes are made all the time by retailers and institutions who make errors on names or social security numbers.
    • Gather financial information – The lender will need a number of documents from you including:
      • Asset and investment statements
      • Bank account statements
      • Credit card statements
      • Auto loan statements
      • Pay stubs for the last two months
      • Verification of other income sources
      • Tax returns and W-2s for the past two years
      • Form of ID
      • And, of course, the mortgage application!

      The lender may ask for additional documents, but this will get you started.

    • Don’t make any large purchases or move money without speaking with your lender – Don’t make the mistake of throwing your approval away with the purchase of a couch or outdoor furniture. Wait until your home is officially yours.

Meeting with a lender can feel overwhelming, but preparing and providing information timely will help make the process smoother in the long run.