Buying and selling Greensboro, NC real estate can be an intimidating experience without the right real estate agent. Before you begin looking for a home that you want, you will need to gather a few documents for your mortgage application, and get pre-approved for a mortgage, so you know exactly what you can buy. Be aware, the lender may come back and ask for more documentation before your final application is approved.
Required Documents Checklist
A couple of items on this list may not apply to you, but the most common items such as income, assets, etc. will be most important and needed as soon as possible. Here is a list of common required documents:
- Applicant’s W2’s
- Applicant’s Bank Statement
- Past Two Years of Tax Returns
- A List of Debts
- A List of Assets
- Credit Report
- Proof of Additional Income
- Divorce Papers (if applicable)
Applicant’s W2’s
Most lenders will require W2’s for the past two years including any past employers. If you do not have copies of these documents, go ahead and try to contact your employer or former employer to get them.
Bank Statements
A lender will typically ask for three to six months of bank statements to view your assets and ensure that money for your down payment hasn’t been borrowed.
Tax Returns
In order to complete a mortgage application for new real estate, your lender will require tax returns for the past two years for all applicants.
Debts
A list of debts is also required, listing items such as loans, credit cards, child support, and any further documents could be requested to further support an outstanding debt.
Assets
As with debts, the lender will need a list of assets showing investments or real estate, to gain a complete picture of your financial situation.
Credit Report
The lender will not ask you to provide your credit report, but they will need your permission to pull your credit themselves.
Proof of Additional Income
If you have income aside from what is listed on your W2’s, such as child support or other benefits, you will need to provide proof of this income.
Divorce Papers
This is likely to show up on your credit report, but if you were recently divorced, you will need provide a copy of your divorce papers to your lender.
Get Help Shopping Greensboro, NC Real Estate from the Experts at Smith Marketing
If you are looking at Greensboro, NC real estate to find your ideal home, choose a real estate agent you can trust, who can help guide you through this exciting but often overwhelming process. Smith Marketing helps to simplify the home buying process and ensure a pleasant experience. Call today for more information (336) 451-4921.