NH Home Buyers - Mortgage Tips - What Information Will A Lender Ask For?

NH Home Buyers - Mortgage Tips - What Information Will A Lender Ask For?

One of the first questions I ask potential home buyers is whether they have spoken with a mortgage lender yet. This is not because most home buyers won't be able to afford a house, even with the current state of the economy. But it is because without expert guidance from an experienced home lender most buyers don't actually know exactly how much house they can really afford.

So before you head out into the home buying market, do your research, do your homework, be prepared, and interview some lenders.

Here is a list of things that your mortgage lender will need when you are moving forward with your home loan application.

10 Things a Mortgage Lender Will Requre:

1. W-2 forms (or business tax return forms if you are self-employed) from the past two to three years -- this is for _every_ person will will be signing the home loan.
2. Have copies of at least one paycheck stub - also for every person signing the home loan.
3. Copies from the past two to four months of bank or credit union statements -- this is for both checking and savings accounts.
4. Have copies of your personal tax forms - this is for the last two to three years. Againt, for everyone. 
5. Copies of any brokerage account statements for two to fourpast  months -- as well as a list of any other major assets of value.  That means -- a boat, an RV, or stocks or bonds which are not held in a brokerage account.
6. Have copies of your most recent 401k or any other retirement account statements.
7. Provide your mortgage lender with documentation to verify any additional income you might have.  These are things such as child support or perhaps a pension.
8. They'll require account numbers of all of your current credit cards and provide the amounts of any outstanding balances.
9. Copies of Lender, loan #, and amount owed on any other installment loans -- examples are loans such as student loans and car loans.
10. A list of addresses where you've resided for the past five to seven years, provide the names of landlords if applicable.

Want to run your mortgage numbers?  You can do some starting research yourself ... with this Mortgage Calculator.  Please remember, it is still important to talk to an experienced mortgage lender. They have access to the information you'll need as a home buyer in this current market.