- What price range of homes you can afford
- What your monthly payment would be
- How much a lender will give you based on:
- Income
- Debt
- Credit Score
- Employment History
- Which loan program is best for you
The following documents may be necessary in completing your loan approval process.
- Federal tax returns from the previous two years.
- W-2 forms from the previous two years.
- A paycheck stub for the past 30 days that shows your name and Social Security number, the name and address of your employer and your year-to-date earnings.
- List of your current debts including student loans, car payment, credit cards, along with the minimum monthly payment and the balances.
- Also, you can get a free credit report at freecreditreport.com.
- If you have sub-par credit you may contact Shannon Hart at (817) 832 - 9140 for inexpensive credit repair from someone I've worked closely with for over 13 years. His email is shannon@candccreditrepair.com.
- Investment records including
- Mutual fund statements or stock certificates.
- We do not need all your asset statements, just enough to source the down payment and liquid assets (usually 2 months of payments) after closing.
- Canceled checks indicating rent or current mortgage payments (statements will suffice on the mortgage).
- Documents to show any other sources of income, which could include:
- Military pay
- A second job
- Overtime
- Commissions and bonuses
- Interest and dividend income
- Social Security payments
- VA and retirement benefits
- Alimony or child support.
This is the first step in the mortgage loan process. Using one of our calculators, we'll get you a good idea of what kind of terms and loan programs you can expect to benefit most from.