Home Purchase Basics

Getting ready to buy a home is an exciting time. But with so many important decisions to consider, it can also be a little challenging.

Being prepared can help you stay on track, making your home purchase a more efficient, rewarding experience.

For a more detailed home-buying guide, try this helpful step-by-step Home Loan Toolkit created by the Consumer Finance Protection Bureau CFPB. It’s packed with helpful tips and information about the entire home-buying process.

  • Copy of your photo ID (driver’s license, state ID, passport etc.)
  • Pay stubs for at least the last 30 days. If self-employed, tax returns from the past two years
  • Last two years’ filed tax returns (and all schedules) for all borrowers
  • W2s from the past two years for all borrowers
  • Bank statements for the past two months, all accounts and all pages for all borrowers
  • Any retirement and investment account statements for the past two months
  • If divorced, copy of divorce decree, child support order, alimony

  • A copy of your current mortgage statement
  • Home owners insurance policy information
  • Home equity account information (if applicable)
  • Landlord information and address, for most recent two years (if applicable)

  1. Failure to properly disclose all monthly financial obligations
    Inform your Mortgage Loan Originator at the time of application of all monthly obligations including mortgage payments, loans, alimony/child support and revolving credit accounts. Additional documentation may be required, which could delay financing.

  2. Changes in employment
    Changes in employment may affect the underwriting process, especially if there is a job loss, lower salary/wage, or position change. Inform your Mortgage Loan Originator immediately if there is a change or you are considering a change in employment.

  3. Change in banks/investments or moving funds to another financial institution
    Changing banks or investment institutions, or moving funds between accounts prior to loan closing may result in delays, as deposit re-verification may be required during the underwriting process.

  4. Paying off bills/loans prior to loan closing
    Paying off existing bills/loans may affect the underwriting of the loan as important debt-to-income ratios may change, requiring re-verification of existing credit reports or loan balances

  5. Making a large purchase
    A large purchase that involves withdrawing funds from a bank/investment account or the extension of additional credit after a loan application is made may negatively impact loan underwriting or cause delays in processing.

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