Buying a home can be an exciting time for a family, but many have their excitement dashed when they learn the first step is to meet with a mortgage broker to determine if they are eligible for financing. Nearly everyone has heard horrors stories, but the experience of getting a mortgage doesn’t have to be negative. Before meeting with Mortgages Brokers in Portage MI be sure to have the following information readily available, as it will allow them to pre-qualify the applicants more quickly and get them into their home as fast as possible.
Bank Account Statements
One of the most important things to have on hand is a person’s bank account statements. This is used as proof of their ability to make a down payment and will provide the mortgage company with a glimpse into the person’s financial past, which is one of the most critical aspects of approving a home loan. Be sure to include any checking or saving account statements, and consider having the bank print them, so there are no questions as to the validity of the documents.
It is nearly impossible to get a mortgage without a reliable source of income, and the mortgage company will need to verify a person’s employment. Be sure to have pay stubs and at least the last two years worth of taxes readily available, and ensure a person’s place of employment is prepared to conduct a job verification. This will help validate the wage information and allow the mortgage company to count it towards a family’s income.
Many different federal laws surround the issuance of mortgages, and one of those is ensuring that a person’s identity is valid and that they are legally capable of obtaining a mortgage. Most Mortgages Brokers in Portage MI will need a copy of a state issued ID, as well as a copy of the person’s social security card. A person who is missing either of these things must procure them before beginning the application process.
With a little knowledge and preparation, the process of getting a mortgage can be stress-free. Be sure to check out the team at Kzoom Mortgage and see why they have become a leader for anyone looking to buy a home. Call today and get free home valuation and take the first step in determining how much home a family can afford.