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If you plan to purchase real estate (a home, investment property or a second home) and you need financing, there are few things you can do to prepare. First, check your credit and your credit scores for free! This will help you to know where you stand. Each person buying and applying for financing will need to gather the preliminary documentation needed for pre-approval:
PROOF OF IDENTITY: Copy of current and valid photo ID
PROOF OF INCOME: Pay stubs for the last month PLUS last two year's W-2's, for salary and wage earners. If self-employed, last two year's tax returns including all schedules PLUS current year's financials
PROOF OF ASSETS: Last two months bank statements and/or asset statements for all accounts that will be used in the transactions
ADDITIONAL DOCUMENTATION: Depending on your situation your lender will inform you of any additional documentation that may be required. Here are some examples:
Proof of other sources of income such as SS Award letter, Pension income, child support (if using to qualify)
Marriage and/or divorce/separation documentation
VA Certification of Eligibility
Leases (landlords)
Click here for a Mortgage Checklist from Joyce McQuaid at Huntingdon Valley Bank that also has required documentation and information.
Of course, we will guide you during this phase. We can also recommend some great lenders who are tried and true, meaning we've known and have worked with them for many years and we highly recommend that you download our FREE apps:
Our HomeKeepr app: Realtor-recommended lenders, inspectors, contractors, etc.
KW Mobile app: Personalize this app to get real time listings based on your criteria.
Obtaining a pre-approval letter prior to seeing homes is not only smart but it also gives you and the seller confidence and saves time when you find the perfect home!
PLEASE NOTE:
If you're not sure how to read your credit report or not sure if your score is credit-worthy, we can help. Just give us a call at 610 764-1371 or email us. We can also set up a Zoom or phone appointment with you.
HAVING CREDIT TROUBLE?
Contact: David Mohr, Financial/Credit Specialist
m: 267 864-6464 e: mohr0911@comcast.net
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