When you’re purchasing a new home, whether it be in Carmel, Fishers, or Indianapolis, you need to be prepared for the process to move quickly. One thing that can slow you down is not having your mortgage paperwork ready to go. To speed up the process and help you have the advantage, our pros at GVC Mortgage recommend that you get these five documents in order.
1. Two paycheck stubs
You’ll need to provide our office with your two most recent paycheck stubs. They help show lenders that you have stable, consistent income and therefore just how much of a home loan you can afford.
2. Two months’ bank statements
Be sure to have bank statements ready for any accounts you have, including checking and saving. Lenders want to be able to see stability in your accounts and that you maintain a positive balance, in addition to other things.
3. Last two years’ federal tax returns
You’ll need to have full federal tax return documents—including both W2s and 1099s—for the last two years. Again, these documents show your annual income, job stability, and so on.
4. Driver’s license
Make sure your driver’s license is up to date and that you have it readily available.
5. Insurance information
If you have an insurance card or other proof of insurance, be sure to include that. We’ll need to make sure it has the name and contact info for your insurance agent.
These five documents are must-haves no matter how many times you’ve purchased a home or your financial situation. However, a few additional documents some people must also provide (depending on the situation) include:
- Divorce decree
- Bankruptcy papers
- Proof of child support
- Awards letter (social security and pension)
Have questions about these documents? Maybe you want more information on getting pre-approved for a home loan or your loan options? No matter what questions you might have or what next step you need to take, the mortgage professionals at GVC Mortgage are ready to serve you. To schedule a consultation, contact us anytime at (317) 564-4906.
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