Buying your first home can be an intimidating, overwhelming process. Purchasing a home is one of the most important financial decisions you may make in your lifetime. To ensure confidence before you dive into purchasing your first home, check out these helpful hints for first-time home buyers.
If you come prepared with the necessary documentation before visiting your lender when applying for a mortgage, you will save a great deal of time. Here is a useful checklist of some of the requirements you need for mortgage applications:
- Social Security Numbers of both you and your spouse.
- Checking and savings account history. You should have 6 months worth of documentation.
- Evidence of other assets such as bonds or stocks
- Employment verification documents. The name and address of someone that can verify your employment is typically sufficient.
- Proof of income. Bring recent paycheck stub with detailed information on your earnings.
- List of credit card accounts including approximate monthly amounts owed on each card account.
- List of account numbers and balances due on outstanding loans.
- Copies of your income tax statements for the prior 2 years.