Prepare Your Personal Financial Information Ahead of Time

Applying for a home loan can be a long and impersonal process. Your home loan requires all sorts of personal financial information in order to be processed. It helps to prepare all of this ahead of time in order to expedite the process. There is nothing worse than finding the home of your dreams, and having all of your hopes stomped on because it took you too long to find all of the necessary documents.

Below is a list of things buyers should have ready in advance of looking at homes or talking to your mortgage broker. It will give you a leg up when looking at loan packages because it will show that you are serious about buying a home and it will save valuable time as well.

Be sure to have all this information in one spot. Organize and place it in a three ring binder with labeled dividers. Make three copies, one for your mortgage broker and two additional copies, one for yourself and one extra in case it is needed (which more than likely will happen):

Photocopies of drivers license and social security card.
Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months.
Your last two years of tax returns.
Last two pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and income verification.
A financial statement prepared by an accountant if possible.
If renting, a copy of your lease and twelve months of cancelled checks showing rent payments on time.
Evidence of your mortgage payments, such as canceled checks.
Credit card bills for the past few billing periods, or canceled checks for rent to show payment history and amount of revolving debt.
Copies of your utility bills for the last two months.
Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards.
If you're self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company's year-to-date Profit and Loss statement.
Divorce settlement papers, if applicable.
Updated account statements for listed assets in the application that may have changed in value.
Information about debts or credit report items that may have been delinquent or not accurate.
An irrevocable gift letter if you are receiving a monetary gift from a relative.
The final purchase contract for the house (if applicable).

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