The process of buying a new home is daunting enough without having to track down all the various paperwork necessary at the last minute. Don’t endure extra stress! Get your paperwork together early, so that you can feel piece of mind when purchasing Santa Cruz real estate.
You should have the list of documents below in hand before you make an offer on a home. This will ensure the purchase process is as quick as possible. Every mortgage lender’s requirements can be different, so double-check with yours for a comprehensive list.
• ID – This might seem like a no-brainer to most people, but just make sure you have official identification.
• Pay stubs - Your lender will want proof that you’re still earning an income, so inquire about how many months worth they’ll want you to provide.
• Gift letter - If someone else is helping you with your down payment, the mortgage lender will want to know if you’re receiving a gift or a loan. If someone else is loaning you money, your lender will want to take that debt into account before approving your mortgage.
• Tax returns - Your lender is going to want almost any financial document you can think of. Bring at least the last two years of tax records to be on the safe side.
• Bank account statements – Bring at least the statements from the most recent two months, especially if the bank where your accounts are is not your mortgage provider. Also bring any other financially-related paperwork — that includes proof of child-support or alimony payments.
• Divorce decree - Especially if it’s recent, you’ll want to be able to prove that you’re no longer responsible for your ex’s debts.
In short, if you receive anything at all in the mail regarding your personal finances, make copies and bring them with you when you’re seeking mortgage approval. You never know what the bank will ask for, so try to have everything.
For more information, please visit my website at www.MySantaCruzRealEstate.com