Lending with Mike Poyntz

What Documents Do You Need To Provide When Buying a Home?

What Documents Do You Need To Provide When Buying a Home?

Are you ready to buy a home, and wondering what kind of paperwork you will need to provide when you go in to apply for a mortgage? Buying a home can sometimes seem overwhelming due to the many steps involved in the process, however, you can help the transition go more smoothly if you have the proper documentation organized and ready ahead of time. If you are interested in buying a home in San Luis Obispo, and need help getting prepared to become a homeowner, Central Coast Lending with Mike can help. Read on to learn more about the types of documentation you will need to provide when purchasing a home.
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Necessary Paperwork For Loan Preapproval

houseaug2One of the initial steps to buying a home is becoming preapproved for a mortgage, which will require you to obtain a copy of your credit report. You will want to ensure that everything on your credit report is accurate and that there are no errors that could cause your rating to be lower because your credit score directly affects the amount of financing you will get. When you get preapproved for a loan, you can determine what type of mortgage you are eligible for and you can also get an estimate of the overall amount of financing you qualify for. When you are getting preapproved for a mortgage, you will also need to provide verification of income and tax documentation, as well as any proof of other assets you may have.

The Documents Needed When Finalizing The Purchase Of a Home

After you get preapproved for a loan and have obtained a copy of your credit report, you will want to get other necessary documents in order so that you can finalize the transaction and close the deal. Lenders will want to get an understanding of your incoming and outgoing payment history, so you will need to be prepared to provide recent bank statements and documentation that demonstrates any existing debt you owe, like student loans, car payments, credit cards, etc. Because lenders want to ensure that you are able to afford monthly mortgage payments, you will need to provide pay stubs to verify your income. They will also require tax documentation from the previous two years and require proof of additional assets such as pensions, stocks, etc.

Becoming Prepared With the Right Paperwork When Buying a Home

Even though coming up with the appropriate paperwork to buy a home can seem stressful at first, being well-prepared and organized will help ease the process. If you are purchasing a home in San Luis Obispo, California, and would like help with the process, contact Central Coast Lending with Mike today for a consultation.
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NMLS #1246224

Equal Housing Lender


Central Coast Lending With Mike
1319 Marsh St
San Luis Obispo, CA 93401