Getting a new mortgage on a house is hard enough these days without having to deal with a lot of paperwork. Most of the time, though, paperwork will be done when a mortgage is given.
One key to a smooth move into your new home is to try to get everything in order.
Income
Most of the time, your income and work history are important factors in getting a new home mortgage. Most of the time, your taxes will be enough, but a letter from your employer verifying your job will speed up the process of getting a new mortgage. If your spouse or significant other's name will be in any way connected to the new home mortgage, make sure their records are available. Most of the time, these records aren't needed, but having them on hand will make things easier.
Savings
After the problems with subprime mortgages, lenders are now a little bit more interested in how much money you have saved up. For a home loan, you now have to figure out how many payments you could make if you lost all of your income. Most of the time, two payments are needed. If your situation isn't perfect, you may have to show even more to get a new home mortgage.
Put money down.
In mortgage talks, people often undervalue the power of a good-sized down payment. The more you can show the lender that you are willing to put on the mortgage, the more power you have when talking about the terms of a new mortgage.
Utilities
They may seem like small bills that don't matter much when it comes to getting a new mortgage, but they do. They are bills that will have to be paid to keep the house in question running. Have proof that you've paid on time for at least six months. If they don't ask for them, that's fine, but they should be there in case they are needed.
Checkups, insurance, and the title
You are in charge of making sure that the home's history is written down. Most of the time, your Realtor can help you set up an inspection and title search, but in the end, it is your job to make sure everything is done right. When getting a new home mortgage, one of the things that might need the most attention is making sure the title search is done. The title search isn't a big deal by itself. But if something comes up at the last minute that you didn't expect, it's probably the title clearance. These papers will need to be in the file for a new home loan.
As you're putting these documents together, take a moment to do one last reality check. You can always decide not to take the step up until the point where you sign, but as you look over the papers, make your own decision.
If you're still not sure, don't be afraid to click on the link below to find out more. As experts in this field, we can give you good advice.
