If you’re interested in purchasing your first home, first of all, congratulations! Homeownership is a big step to take, but it’s one that many people find is incredibly rewarding. After all, there’s nothing in the world quite like having a place to call your own. You get to decide how it looks and how you’ll use it, and it doesn’t get much better than turning the corner, pulling into your driveway, and heading in for some rest and relaxation in a place that’s all yours.
But, as you might be aware, there’s a fair amount of paperwork that goes into the process. You’ll be speaking with your mortgage brokers (hopefully you’ve chosen us!) as well as realtors, insurance companies, movers, and more. While we can’t tell you every single document you’re going to need along the way, we thought we’d list out a handful that you’re likely to want to keep on hand throughout the process. Keep in mind that this isn’t an exhaustive list, but it will over most people in most situations.
The way you get approved for a loan amount is based partially on how much money is coming into your account(as well as how much debt you’re currently carrying). A mortgage broker will likely need to see at least three months of bank statements for your accounts.
You’ll also need to show at least the last two years worth of tax returns and W2s in order to ensure that you qualify for the right loan amount.
Proof of employment is a big one because lenders will want to see that you’re getting a consistent paycheck. Generally speaking, two years of employment history is required, and it’s best if you’ve worked at the same place for that amount of time. If this isn’t the case for you, there are still options, so don’t hesitate to speak with us about your situation.
If you need help with the down payment, a copy of the check written to you as well as a signed gift letter from the check’s writer will be necessary.
Proof of Insurance
Many mortgage consultants will also want to see what your homeowner’s insurance plan will look like, so call ahead of time to get any necessary info.
Once you get to closing, a driver’s license will be needed to verify your identity in front of a notary.
In many instances, buyers will bring a cashier’s check to closing. Even if you already put down earnest money, a cashier’s check will usually be necessary for any upgrades you made, particularly if you’re purchasing a new build.
Your Go-To Scottsdale Mortgage Brokers
That might sound like a lot of paperwork, but trust us when we say that our team is here to make your life easier during the homebuying process. We’ll be there to help at every step of the way, providing you with info about the paperwork we’ll need from you. We’ve been providing low mortgage rates, expert guidance, easy approvals, and fast closings for nearly two decades. To get the process started, contact us today. We look forward to hearing from you!