When searching for a home in Maplewood or S. Orange, NJ your first step should be speaking with a mortgage professional about getting a pre-approval. This mortgage checklist for buyers can help you prepare for that conversation. In the end, it’s your lender that decides how much house you can afford. It’s best to start searching when you know what your true buying power is. That way we can focus on the right homes for you.
For the names of our recommended mortgage professionals please visit our Vendors Page at: http://blog.bestnjtowns.com/recommended-vendors/. They are local, so they know the area well, and they give the best rates and service to our clients.
Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs. Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.
Here is a checklist of items you will need in order to get started with your loan application:
- Pay stubs for the most recent 30 days
- W-2 or 1099 for the past 2 years
- If self-employed, last 2 years of tax returns
- Proof of disability, retirement or social security income with award letter
- Complete asset statements for past 60 days– savings, investment, retirement accounts
- If renting, name and phone of current landlord
- Mortgages and homeowner’s insurance for all properties owned
- Legible copy of driver’s license for all applicants
- Legible copy of VISA or permanent resident card if applicable
- For VA Loans you will need a DD214 or active military statement of service
Thinking of buying or selling a home in the Maplewood/S. Orange, NJ area? Let’s meet for a confidential consultation.