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Documents Needed to Buy a Home

When we talk about the paperwork and documents you'll need to buy a house is a smart move, and it's not as much work as you might expect-particularly when you know going in what you're going to need. You'll have an easier time with your mortgage during a stressful period and that can go a long way toward getting off on the right foot, especially for first-time homebuyers.

One of the most important things you have to do is compare identical loans before you get started. Ask form a mortgage lender about all rules and regulations and compare costs for each mortgage loan type. Ask questions if you don't understand the closing estimate. Before talking to a Mortgage lender you should get a copy of your credit report and examine it. Think credit cards, car payments, and student loans. Your most recent statements should suffice if they include your outstanding balance and your required monthly payments, and they should show account numbers as well as the creditors' names and addresses.

A lender will verify your employment to begin processing your loan. This is typically done by sending them verification of employment form, so give your employer a heads-up to expect this request for information. Ask your human resources department or boss to send requested documentation back right away.

Make a copy of each asset statement if you own stocks, bonds, mutual funds, or retirement accounts. Lenders sometimes prefer hard copies over those you can print out online, but they'll accept online statements if that is how you receive your statements. Make photocopies. Don't send originals. You can bring your driver's license with you for identification and reproduction if you're meeting with the lender in person. Otherwise, copy your license on a scanner or copy machine and include it. Your license should include your photograph.