Procrastination is never the road to happiness. Taking the time to get prepared beforehand can really pay off when it comes to arranging the details of your mortgage application. The entire process can feel overwhelming and there isn’t much room for error in this situation, so it’s important to get it all right the first time.
Throwing everything together at the last minute isn’t such a good choice for potential homeowners. Instead, you need to create the right impression for lenders. Showing them that you can organize an impressive and well thought out application is the first step. Here are a few tidbits that will help you get started gathering the information you’ll need:
• Verified Income
Getting your financial history ready for review can be time consuming, so be sure to start sooner rather than later. Include as much detail as possible and keep everything in sequential order.
• Tax Information
Providing copies of recent bank statements and your official tax return documents will also be a requirement. If you own a business, be prepared to provide these documents for the business as well.
Don’t try to cheat the system – this information will be scrutinized with a keen eye and it won’t do you any good to try and cut corners. The loan application process is specific and strict for a reason. Assessing your ability to pay back the money you borrow can only be determined based on past behavior. It may seem like a mountain of paperwork is needed, but if you chip away at it bit by bit in an organized way, you’ll reach the top before you know it.
For help completing your mortgage application, call 803-765-1680 or toll-free 800-854-9484.