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September 29, 2014

Buying a House...Are You Ready? Then Get Set! Go!

When you’re buying a new home, there are a few important documents that you’ll need to line up before you approach the lenders you’ve chosen to work with. These critical pieces of paper will be the difference between getting the loan you need to make your dream house become a reality and bitter disappointment. We talked with Betsy Saxon, Mortgage Loan Officer for First Bank Mortgage in Pooler, GA, to find out what paperwork you’ll need to bring with you when it’s time to pre-qualify for your home loan. She has years of experience working with home buyers seeking financing in the Savannah, GA area, and gave us this list of “must-have” documents.
  1. Pay Stubs
Make sure you bring the two most current pay stubs for every person whose name will be on the title of the house. They do need to be the two most current stubs to give the lender the most accurate picture of your financial situation. Although you may have worked a lot of overtime two months ago, and your pay stub for that period may be higher, it isn’t a true indication of your earning power, so don’t bring this one thinking it will help you get pre-qualified for a larger loan. If the most recent pay period for you is abnormally high or low, wait a few weeks to approach a lender, when your pay stubs reflect your usual deposits more accurately.
  1. Bank Statements
Bring copies of the bank statements for each account you have for the past two months. These statements can help your lender see your monthly payment patterns, how much cushion you have in your accounts, and if you have problems with overdrafts, among other things.
  1. W-2’s
Bring copies of all W-2 statements from the past two years for each person whose income will be counted toward the loan.
  1. Federal Tax Returns
Along with the W-2’s, also bring copies of your complete tax returns for the past two years.
  1. Driver’s License or Passport
Make sure that your identification is current. An expired driver’s license or passport isn’t actually a valid form of identification. Also, be sure that your home address listed on your driver’s license is correct. If you have any questions about the various documents you’ll need in hand before you approach a lender, don’t hesitate to call Betsy Saxon at 912-663-2510. She’s successfully counseled hundreds of buyers who are ready to purchase the home of their dreams, and are looking to get pre-qualified for a loan. She’s happy to provide an incredible amount of free information to anyone who requests it!
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