W-2 & 1099 FormsW-2 forms are required for all people on the loan for the past two years. This can help to prove your income and helps the lender figure out how much of a home payment you can afford. If you own a business, a profit and loss statement or 1099 form will be needed, as well.
Recent Paycheck StubsYour most recent paycheck stubs will need to be presented for your mortgage loan. This helps to show that you do have a steady stream of income and can prove how much money you make, giving your lender a good idea of how much of a payment you will be able to handle.
List of Debits & AssetsA debt-to-income ratio will need to be conducted with your debts and assets. This shows what money you have coming in compared to debts that need to be paid off. Anyone on the home loan will need to provide this information for the lender to get a solid idea of what home loan amount you can handle.
Proof of Rent or Mortgage PaymentsYour current housing situation will need to be analysed. Whether you rent or own, canceled checks may be requested from your mortgage lender. This helps to show how much you are currently paying, which is a factor in how much you can afford for your new property.
Now that you've seen what documents are required to get approved from a mortgage company, you're ready to start gathering these papers. A pre-approval for a home loan can help you in a number of ways. From getting a jump start on the loan process to knowing exactly how much you can afford in a home, it's the best way to go when buying a house. Once you get a pre-approval letter from your mortgage lender, you're ready to start your home search at the Lake of the Ozarks. Contact our team of expert real estate agents in Sunrise Beach, MO to get searching today!
Call (573) 374-0769 to schedule a showing today!