Hooray!!! you have made the decision in becoming a homeowner…or you’re at least thinking about it and want to learn more. Whatever it is that brought you here, I’m happy for you! This is going to be good!
You want to buy a home? You need to apple for a loan. This process might seem difficult and stressful, but your lender will for sure guide you through it. To help you prepare for what’s to come, I want to share with you some things to expect and prepare for.
Here are the high-level loan application steps:
Prepare required documents (important)
- Two years of employment history, current employment status and salary are needed. Employment letters can be used to explain gaps in employment.
- Two years of W-2s (this does not apply if self-employed) and tax returns allow the lender to be sure that your salary is high enough to make the mortgage payments every month.
- Most recent pay stubs for the last 30 days tell the lender that you’re still earning money similar to the amount on your tax returns. (This does not apply if self-employed, but the lender will likely require a profit and loss statement.)
- List of assets, including bank statements, let the lender know that you have the money to cover the down payment, closing costs and a reasonable emergency.
- Copy of your driver’s license and social security card.
Submit the application
Once you’ve prepared the required documents, the first step with the lender is to apply for the home loan. Of course, you will need to provide personal information, as well as information about the property you’ll be purchasing, such as the address and estimated purchase price.
Provide your documents
Submit your documents, such as pay stubs, W-2s, bank statements and employment history.
Tip: If you need help finding a lender, I can help with that.
Get pre-approved in as little as 24 hours. Once your loan application is submitted, you should receive your pre-qualification in as little as 24 hours.
Voilà, that’s going to get you one step close in becoming a homeowner.
Don’t doubt yourself, just apply, what’s the worst that can happen? You get a letter saying you don’t qualify ATM! The lender can give you advice on what to do to qualify in 6 months to a year.