“In the old days, you had this set list of documents,” says Brad Seibel, head of lending for AAA Banking Services. “Now it can vary based on your credit history, what you’re using for a down payment, what type of property you’re buying—there are all sorts of variables.”
But there are some common things to look out for. Here’s everything you need to know now to help you start gathering the necessary documents for your home mortgage application—before you fall in love with the home of your dreams:
But first, preapproval …
To speed up the process and save yourself stress during your home search, it’s best to get preapproved before you submit your mortgage application. To do so, you’ll want to gather the applicable documents listed below and give them to your lender. Then, when you find your new home, all you’ll need is the purchase contract.
“Once you’ve decided on the house you want to buy, you have other things to think about—like home inspections and renovation projects,” says Seibel. “It’s nice to have the bulk of the loan work behind you.”
Now, the list …
Here are the documents and other information you’ll likely need to gather for your home mortgage application: