Applying for a mortgage doesn't have to be a hassle.
Especially if you're prepared. You'll save a good deal of time (and stress) by having the following in your hands when you apply for a home loan:
- Social Security numbers for both you and your spouse, if you're both applying for the loan;
- Copies of your checking and savings account statements for the past six months;
- Evidence of any other assets like stocks or bonds;
- A recent paycheck stub detailing your earnings. If you're self-employed, you will likely have to bring along copies of past income tax statements (see below);
- A list of all credit card accounts and the approximate monthly amounts owed on each;
- A list of account numbers and balances due on outstanding loans, such as car loans;
- Copies of your last two years' income tax statements. Self-employed individuals may be required to show statements from further back; and
- The name and address of someone who can verify your employment.
Ask your lender what other information is required before you sit down to do the paperwork.
P.S. Mortgage lending is a continually changing industry. For an expert look at recent changes in regulations, practices and products, click here for our FREE e-Report, “Mortgage: Insider's Guide To The Latest Home-Loan Opportunities.”