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Planning ahead is a key step toward ensuring a positive homebuying experience. But even before planning starts, it's important to learn how to qualify for a mortgage.
The first thing to know about how to qualify for a mortgage and ultimately buy a house is that there's a lot of paperwork involved. When applying for a mortgage, you'll need to provide extensive documentation for your loan to be approved. But don't worry. With a little organization, the paperwork isn't nearly as daunting as it seems. Here's a handy mortgage application checklist so you know exactly what information your lender needs to get you qualified and create your loan.
Housing payment history, credit card and installment debt payment history, and your credit score are all taken into consideration when lenders review your loan application. A history of regular, on-time payments demonstrates creditworthiness to a lender.
When starting the application process, you'll need to provide some personal information so the lender can verify your identity and review your credit history, which is the first step toward approving you for a mortgage. This includes:
Lenders verify your employment data for two reasons. One is to ensure that you have stable monthly income and can make your payments on time. The other is to determine whether you earn enough to cover the amount you want to borrow. Employment data generally consists of:
Just as with your address, if you've been with your current employer for less than 2 years, you'll need the same information for your previous employer.
If you're self-employed, make sure you have 2 years of signed federal income tax returns, a year-to-date profit and loss statement, and a balance sheet on hand.
Any non-employment income will also impact how much you can afford to borrow. It's also important to note that the property you purchase will be used as collateral for you to secure repayment of the mortgage, so both the property and its value must be acceptable to the lender.
Here's some more information to bring with you.
You don't have to provide information about income from alimony, child support or separate maintenance payments unless you want them to be considered income in support of your application.
One of the biggest factors in determining how much you can borrow is your debt-to-income ratio, or DTI. This figure is determined by all your current loan and credit card obligations, plus the estimated mortgage payment. Funds from sources such as bank accounts, stocks, bonds, mutual funds or gifts from family members are also taken into consideration when exploring your capacity to afford a down payment and closing costs.
To calculate your DTI, gather the following information.
Before you can close a conventional or government-backed loan, you'll need to provide your most recent income and transaction data. This includes:
If you've reached this point in the checklist, you're in the home stretch—literally. Final documents your lender may request include:
Follow this mortgage application checklist and you'll be well on your way to owning your new home. Keep in mind that the documents you need when applying for a mortgage may vary based on property type and whether you're buying an existing property or building a house. If you're unsure of what information you'll need, contact a mortgage banker and they'll walk you through the requirements.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
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