Recently across the nation millions of young adults graduated from college and will be looking forward to starting their chosen professions. Many of our readers were in the same place in life at some point – eager to get out into the world and really get started. During this period of time many people are living on their own for the first time, usually renting an apartment or some other type of temporary housing. But, after a few years of getting life experience and saving up some money, many people decide that the time is right to start thinking about buying a home.
For the vast majority of people who find themselves in this position, financing the purchase through a mortgage is the only way to complete the deal. So, what documents do South Florida residents need when they are applying for a mortgage?
First and foremost, documentation regarding income will need to be provided. This is usually in the form of paycheck stubs and W-2s. The potential lender will want to ensure that the applicant has a steady and reliable source of income that will allow that person to repay the loan. Statements regarding bank accounts and tax information will also be required. For renters looking to make the jump to owning, some lenders will require proof from the previous year that rent payments were made on time. This documentation can be provided in the form of cancelled checks or receipts from a landlord.
Getting yourself in the position to make a home purchase is an exciting time. But, it is important that South Florida residents know that they will need to provide the appropriate documentation if they want to get approved for a mortgage.
Source: bankrate.com, “Documents you need to get a home mortgage,” Marcie Geffner, Accessed May 31, 2015