Obtaining a new home mortgage these days is difficult enough without the added hassle of paper work. In most cases, however, paperwork is exactly what will happen when a mortgage is given.
Trying to have all the particulars lined up is a key to a smooth transition into your new home.
Income
Your income and employment history are a key aspect in receiving a new home mortgage. Current paystubs and the last two years of W-2’s are required. In most cases your tax returns are also needed. Processing will verify employment. Make sure your spouse or significant others records are available if their names are going to be even remotely associated with the new home mortgage. In many cases these records are not needed but having them available will reduce stress.
Savings
After the recent issues of sub-prime mortgages, lenders are more concerned with how much savings you have in reserve. A home mortgage now requires a look at how many payments you can make if all potential income was lost. In most instances two payments are required. If your particular circumstance has be less-then-perfect, you may be required to demonstrate even more for your new home mortgage.
Down payment
The power of a good sized down payment is often underestimated in mortgage deliberations. The more you can demonstrate you are willing to put on the mortgage, the more clout you have as the lender goes about talking new home mortgage conditions.
Inspections, insurance and title
Making sure that the history of the home is documented is up to you. Having a home inspection can often be set up though your Realtor but the ultimate responsibility is yours. Making sure the title search is complete is perhaps one of those items that should be paid the most attention to in a new home mortgage situation. In-of-itself the title search is really no big deal. If, however, there is an issue that pops up at the very last minute that you didn’t see coming can effect your ability to place a mortgage on the property.
If you are still in doubts, do not hesitate to ask questions.
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