Before you meet with a prospective lender for a pre-approval meeting, you should spend a few hours gathering the documents you'll need to prove your employment history, income, total debt, residence history, and financial assets.
Here's a quick list of the documents and information you'll need:
| Work History
|
- W2 forms from past two years
- Pay stubs for past 1-3 months
- Personal tax returns for past two years
- If self employed:
- Business and personal tax returns for past two years
- Year-to-date profit and loss statement
- Year-to-date balance sheet
|
| Credit Rating and History
|
- Credit report
- Credit score
Note: Your loan officer will pull a copy of your credit report and score. But it's a good idea to review them yourself ahead of time.
|
| Total Debt
|
- Names, balances, & account numbers for all:
- Credit cards
- Student loans
- Car loans
- Store lines of credit
- Other consumer debt with recurring monthly payments
- Alimony payments
- Child support payments
- Divorce decree
|
| Down Payment
|
- Documentation of down payment, such as a previous two month's bank statements (all pages) showing account balance for checking and savings accounts
|
| Investments and Other Assets
|
- Two months of statements (all pages) reflecting stocks, bonds, or other investment accounts
- Retirement account statements (401(k), IRA)
|
| Residence History for Previous Two Years
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- Name and phone number of landlord (if renting)
- Current mortgage documentation (if you own a home already)
|
Last modified Wednesday, December 8, 2010
