When you are planning on purchasing a home, you should not be too intimidated about the amount of paperwork that is needed to accomplish this. While there are a slew of documents that do need to be assembled for you to be able to purchase your home with the help of a loan, you should be glad to know that a lot of these are pretty easy to obtain and some of these are even already in your possession. Once you have chosen the home that you want to buy and have already talked with your real estate agent about the purchase of such property, you will need to get together these documents for the speedy processing of your home loan:
- Credit history and score – your lender will definitely want to find out if you are a high risk borrower or if you are someone that they can trust to pay off such loans with regularity and without fail.
- Proof of Income – you will need to be able to prove that you do have money coming in every month and to do this you need to present certain proofs of income which include pay stubs and other proofs of employment that date back to at least a month or two before you file for a loan.
- Proof of Employment – copies of your W2 forms can very well cover this. You will need to show your lender that you are capable of paying off your loan with the job you have and proof of employment will include employment records and income records that will show just how long you have been working and how much you have earned from your work so far.
- Proof of Assets – you will also need to provide copies of your assets and these will include bank statements for your checking and savings accounts, 401K information, investment records and properties or other assets you may own like vehicles and such.
- Signed Purchase Agreement – while you can secure a loan without this, having it on hand can actually help you expedite the lending approval process since this usually means that you and the seller have already agreed on the purchase of the property in question.
- Earnest Money Deposit Check Copy – this will also help your lender determine how much more you need to cover the closing price of the property you are buying and will help show that you are indeed serious about obtaining the said property.
Professional residential real estate service, specializing in representing buyers. Serving the Phoenix and Scottsdale, AZ metropolitan areas, with over ten years experience in the Phoenix area. Eileen Roberson – West USA Realty, Accredited Buyers Representative.
