Before you are going to buy your new home you need a pre-qualified home loan. You know without money, I do not recommend you to search for your new house. This is not fun its like going for shopping your next pair of shoes or handbags, and you dont have any money to spend. The more you hunt for your home without money, the more you stress will grow. You will have more worries and frustrations. In this article, we will see together what documents and information you need to submit correctly your home loan.
Go can do nothing without your employment history and your salary income sheet. With the help of your income, the company will see if you can clearly pay or not your home loan debts and the monthly recurring payments. Of course, you need official documents and at the best two years of history. Check that there is: dates, company name and so on. People that are going to give you money wants to see if you are stable or not and be prepared to answer any questions regarding your CV. They always look to gross income. Taxes are another story we will cover in a few moments. If you have a pay stub its perfect. Thats just a way for them to control that your income matches your hourly pay.
Next is to have your tax returns and W2s. The more recent, the better it is. As we have said previously, they will compare your annual income from last year and this year to check if you are financially stable. If there is a big difference then the lower income will serve as the main reference to calculate your home loan.
You will need a credit report. This is not difficult to have, just check that all your documents and information have your legal name, your SSN, your date of birth and your last 2 year address info. Be correct and your home loan will be accurate. A good recommendation is to disclose your debt as soon as possible if it is not mentioned on your credit report. You know a surprise during your home loan investigation and procedure will not be in your favor. This is the case for your car payment but not for things like utilities, insurance, mobile phone and so on. Some specific loan programs ask for more detailed and specific information you will need to know before your application. Ask for them or for a more detailed listing.
Finally, the last part we have to discuss today is your child support: do you give or do you receive from them? This is easy it only counts if you give or receive a consistent and timely income each month, for example. You know after 18 years old, this is considered as a debt that will be taken to validate or not your loan.
Thats what and how a serious loan officer will tell you how much money you can have for your new home and for your monthly payment. But at the end, you are the one that knew if you can afford this budget. Take advices but take the decision yourself.
Go can do nothing without your employment history and your salary income sheet. With the help of your income, the company will see if you can clearly pay or not your home loan debts and the monthly recurring payments. Of course, you need official documents and at the best two years of history. Check that there is: dates, company name and so on. People that are going to give you money wants to see if you are stable or not and be prepared to answer any questions regarding your CV. They always look to gross income. Taxes are another story we will cover in a few moments. If you have a pay stub its perfect. Thats just a way for them to control that your income matches your hourly pay.
Next is to have your tax returns and W2s. The more recent, the better it is. As we have said previously, they will compare your annual income from last year and this year to check if you are financially stable. If there is a big difference then the lower income will serve as the main reference to calculate your home loan.
You will need a credit report. This is not difficult to have, just check that all your documents and information have your legal name, your SSN, your date of birth and your last 2 year address info. Be correct and your home loan will be accurate. A good recommendation is to disclose your debt as soon as possible if it is not mentioned on your credit report. You know a surprise during your home loan investigation and procedure will not be in your favor. This is the case for your car payment but not for things like utilities, insurance, mobile phone and so on. Some specific loan programs ask for more detailed and specific information you will need to know before your application. Ask for them or for a more detailed listing.
Finally, the last part we have to discuss today is your child support: do you give or do you receive from them? This is easy it only counts if you give or receive a consistent and timely income each month, for example. You know after 18 years old, this is considered as a debt that will be taken to validate or not your loan.
Thats what and how a serious loan officer will tell you how much money you can have for your new home and for your monthly payment. But at the end, you are the one that knew if you can afford this budget. Take advices but take the decision yourself.
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