| If you are planning to purchase a home, it is essential | | | | investigation through a phone call. However, in most |
| that you know the basic documents required by the | | | | cases, your employer will be asked to fill up a form. |
| lenders. There are slight differences on what lenders | | | | The form will indicate your salary, pending raise-if there |
| require. This makes it easier for you to prepare the | | | | is, the length of service and future changes in the |
| files you will need. These documents are necessary | | | | status of the employee. |
| for verification purposes. The lenders do not only need | | | | 4. The lender will ask the address, contact details and |
| to establish who you are, they also need to know your | | | | name of your landlord if you are renting. You can |
| capacity to pay the amount you want to borrow. | | | | submit a copy of your lease as well. In some cases, |
| Familiarizing the various documents required by most | | | | landlord may be asked to fill up a form as well. |
| lenders is essential because not all files can be | | | | 5. The lender will also require you to submit certain |
| available to you the moment you need it. There are | | | | documents if you are currently selling your home. A |
| documents you need to compile because lenders will | | | | listing agreement may be requested as well as the |
| require some from the last three months. Although you | | | | Agreement of Sale or Purchase. If you have already |
| can avail most of the documents, they can be difficult | | | | sold the property, your lender will request for the |
| to gather especially if there is a lot in your list. | | | | closing statement. |
| Some of the documents you will need are listed below. | | | | 6. A homeowner’s insurance is also essential for |
| There are lenders that will ask for additional | | | | the lenders. They will ask you to submit proof of |
| documents especially if they cannot verify certain | | | | payment for the first year of coverage before they |
| information: | | | | approve your loan. |
| 1. Paystubs from a month to three months ago will be | | | | 7. If you are applying for a loan to refinance an existing |
| required by most lenders. Lenders would ask for other | | | | one, the lender will require you to submit a copy of |
| documents if you are in a business or if you are paid | | | | your current mortgage or note. This is a public |
| base on commissions. The lender can ask for a copy | | | | document so it will not be difficult to acquire one unless |
| of statement of gains and losses for the past year. | | | | of course if it is not recorded. Contact your previous |
| 2. Lenders will also require your tax returns for the | | | | lender when this happens. |
| past two years with all the schedules. The tax returns | | | | Knowing the needed documents when you apply for a |
| for the last three years will be asked if you are paid | | | | loan is essential so that you can prepare them ahead |
| on commission basis. This should include all schedules | | | | of time. |
| as well. | | | | Consider the lovely homes in Dallas. Check Real |
| 3. Your status as an employee will be verified as well. | | | | Estate Property in Dallas TX and Dallas TX Real |
| In some instances, lenders will just conduct a character | | | | Estate. |