How to Prepare for the Meeting with the Mortgage Lender
If you tuned in for our previous blog, then you know that we discussed the benefits of a Pre-Approval in the home buying process. This week we are taking some of the guess work out of the initial meeting with the Lender. The home buying process and the lending process are integral. It is our goal at Military Family Realty to make sure the home buying process is as seamless as possible, but it all begins at the initial meeting with your lender.
But you may be wondering, "What Should I Expect on My Initial Visit with the Mortgage Lender?" In short, the answer to this question depends on how prepared you are on the initial visit. If you are seriously looking to buy a home, you can avoid a lot of unnecessary headaches by having these documents on your initial visit:
Last 30 Days of Pay Stubs- Generally, only the most recent pay stubs are needed. These documents are also helpful in verifying employment.
Most Recent Bank Statement- Providing your lender with a copy of your most recent bank statements will serve as a proof of assets. The mortgage lender will need to know that you have the funds available for a down payment and closing costs.
W-2's for Last 2 Years- The mortgage company typically will need your W-2's from the last 2 years (from your employer). This information is helpful in determining employment and income history.
Tax Returns (Last 2 Years)- The tax return is an essential part of the loan pre-approval process. The tax return can tell the lender additional information such as: additional jobs, alimony, child support, interest & dividend income, bonuses, VA/retirement benefits, and much more.
Please keep in mind that these are the documents we suggest you bring for the PRE-APPROVAL process. It is becoming extremely difficult to obtain an accepted offer without a pre-approval. Ultimately, sellers want to know that the buyer is serious before taking their home off the market for other potential buyers. By meeting with a lender and providing the above documents on your initial visit, you are giving yourself a distinct advantage. So feel free to print this article and use it as a checklist, also comment below if have any questions about the home buying process.
The entire process begins with finding a mortgage lender you trust! Need a mortgage lender? Check out our website to find a lender who can kick start the process in just minutes. Go to Our Team> Our Preferred Lenders to find out more information.
Also check back next week, we are going to start a new segment for home sellers!