If you’re a first time homebuyer, then the process can seem overwhelming. This video series, presented by Chase Home Lending, translates relatable experiences into tips and tools that equip you for every step of your homebuying journey.
The mortgage application process is an important one and a little preparation can make it less stressful. The key is getting organized and rounding up paperwork early on to ensure a smooth loan closing.
The mortgage lender will want to verify that you have a steady source of income and the ability to make monthly payments. Here’s what to expect:
Include all pages and schedules. The lender does not need copies of your state returns.
Fixed debt: Payments and balances for credit cards, mortgages, home equity lines of credit, outstanding student loans, auto loans, alimony, child support or any other fixed-debt obligations.
This information can be found in income tax returns for the last two years verifying rental income. Provide leases if possible.
Brokerage statements: Provide documents for the last two years. Schedule B interest and dividend income (most current statement to ensure underlying deposits still exist and are earning at the same level).
Staying ahead can be one simple way to alleviate tension when working through the mortgage process. By preparing early, you’ll have more time to gather documents that may be missing or harder to track down.