Before You Apply for a Quincy Home Loan

Buying a home in Quincy is a huge decision. It’s one of the most important decisions a person can make. Without careful steps and professional advice the process can go from smooth to stressful. In order to make the home buying experience fun instead of stressful it’s important to have an idea of what is going to be expected of you. Below is a check list of items that you should gather before thinking about buying a home. There are professionals that can help you find Quincy homes for sale, but if your thinking about taking on a mortgage the below checklist is a must.

Use this helpful checklist to assist you in gathering your documentation. It is important to have this done prior to applying for your loan.

INCOME DOCUMENTATION

• Salaried employees to provide copy of 1 complete month of most recent pay stubs and last 2 years of W-2’s.
• Self-employed to provide copy of last 2 years signed tax returns (include all schedules) and the current year’s profit and loss statement, if possible.
• Retired and/or receiving pension to provide copy of social security awards letter and/or pension benefit awards letter.
• If you are claiming rental income provide copy of current lease(s) and “schedule E” of your past 2 years returns.

ASSET DOCUMENTATION:

• Copies of 2 most recent months bank statements from checking and savings accounts (all pages).
• Copies of 2 most recent months of investment/brokerage account statements.
• Copies of last quarter’s statements for all stock, bonds, mutual fund, IRA, and 401(k) accounts.

OTHER DOCUMENTATION:

• Copy of contract if purchase or recorded deed for property if refinance.
• Copy of last mortgage statement on all mortgages and second loans.
• Copy of divorce decree & judgment if previously married.
• Copy of bankruptcy court discharge papers, if applicable.
• Copy of homeowner’s insurance declaration page 7 days prior to closing.
• Photocopy of your drivers’ license.
• Title insurance forms (schedule A & B only) if refinance.

Contribution Courtesy of Eric – Dream Home Financing LLC – http://www.dreamhomefinancing.com and eHome Staging.

 Print This Post