How to apply for a home loan
To be approved for a loan, they need to know about your sources of income, your debts, and your credit history. You have already given them the necessary information to at least pre-qualify you for a loan. Now is the time to apply formally for a loan, filling out a complete application, and supplying them with documents that verify the information that you have given them. Having the proper documentation makes the loan process much quicker and easier for everyone.
Below you will find the documentation that you should bring with you when you are applying for a loan:
If your income comes from a salary:
- Original W-2’s for the past two years Original paycheck stubs covering most recent 30 days
If you are self-employed:
- Tax forms for the past two years
- Your current account balance
- Declarations of Gains and Losses from the beginning of the year
If you have income from other sources:
- Pensions, etc.
- Authorization letter(s) • Real Estate Properties
- Tax forms for the past two years – Rental contracts)
- Other – Any proof that you are receiving other sources of income
If you have checking or savings accounts:
- Past three months’ statements
If you have co-borrowers who would like to be approved together with you for the loan, please bring:
- The name(s) of the co-borrower(s)
If you do not have a credit history, do not give up. Home Loan Consultants will do everything possible to help you get a loan. Please bring:
- Gas and electricity payment receipts
- Telephone payment receipts
- Rent payment receipts
- Any evidence of regular and timely monthly payments you have made. This can include auto of life insurance payment receipts, furniture or jewelry payment receipts, catalog purchase payments, computer payments or encyclopedia payments.
Processing a loan normally takes several days. Do not give up!
During this period, you, the seller, and the lender should be making sure that all obligations related to the purchase and the home loan are complete prior to the signing of the final documents. Some examples of these obligations include: a final and satisfactory home inspection, confirmation of the purchase of homeowner’s insurance, a satisfactory termite inspection, and a satisfactory title investigation to verify that there are no liens on the property.
If this is your first time buying a home, you may also be interested in this First Time Home Buyer Checklist and also, for later, this After you’ve moved in piece that will tell you everything you need to know about life in your new home.