The first thing you’ll need to do is to get a solid, experienced real estate agent; one who is engaged with your needs, informs, protects, and empowers you, and returns your calls. This one thing will make all the difference in your process. Then, get your finances in order. It’s a good idea to visit with an accountant before you look for a lender. An accountant will give you some worthwhile insight into your finances. If you have credit issues, or simply want to improve your credit, do that before applying for a loan. The better your credit rating, the better your interest rate. Here’s what most lenders will ask for when you apply for a loan, either in person, or on line.
- 2 years tax returns (all pages) and w2’s or 1099/K1’s
- 2 months bank statements.
- Statement from 401K, stock, bonds
- A list of debts and assets
- 2 forms of ID
- Last two paycheck stubs
- If self Employed YTD P&L
- Tax, Insurance, and mortgage statement on any property you own now. If no property owned, rent where you are now.
Other things that come into play; for instance if you own income property, or if the property you’re buying has an income generating apartment, the lender will want to know about that too. But these eight items are going to be requested, it’s a good idea to get it all in order before you look for a loan.
Need an experienced agent? Call me. I’m an NAR certified Buyers Agent. O’Malley & Associates – Middleton “Middie” O’Malley: 504-579-4717