Information That You Need To Fill Out A Home Loan Application
Buying a new home can be an incredibly exciting experience. Before you can make an offer on your dream home, however, you need to get preapproved for a mortgage. The preapproval process starts by filling out a home loan application. By gathering together all of the information you need before you sit down to fill out the application, you can make the process go much more smoothly. The following list outlines the basic information that you will need to apply for a loan:
1. Income documentation. The amount of money that you make directly influences how much money a lender will be willing to loan you. You need to provide them with documentation of your income. If you have a traditional job, you should have copies of your W-2s for the past two years. If you are self-employed, you need a current profit-and-loss statement as well as your personal and business tax returns for the past two years.
2. Bank statements. The lender will also want to see that your financial house is in order. One of the ways that they do this is by reviewing your bank statements. Typically, they will need a couple of months worth of statements for every financial account that you have. This includes traditional checking and savings accounts as well as any investment accounts.
3. Personal identification. You also need to be able to provide the lender with information such as your name, address, and Social Security number.
By being absolutely forthcoming about your finances when you apply for a loan, you are more likely to get approved. Perhaps more importantly, the amount of mortgage that you get approved for will fit easily within your budget. The home loan application process is quite easy as long as you have already gathered together all of the information that you need before you start filling out the form.
