Most young professionals include purchasing their own homes in their list of long-term goals. It’s only natural, because ownership of a property, whether a house and lot or a condominium, is a sign of stability that you can take pride in.
It used to be tougher to acquire your first property because buyers would have to pay upfront. Recently, however, purchasing a home has become less daunting. The New York Times cites the benefits of a biweekly mortgage plan, for instance. There are payment plans that are customizable to suit your capability.
Based on the plan you prefer, the first step is to apply for a mortgage. City Creek Mortgage explains that the sooner you finalize your mortgage application, the earlier you can move into your dream home.
It would be best to prepare all the necessary papers even before you approach your mortgage company in South Jordan. Getting these documents in order hastens the process, allowing you to move into your new home at the soonest possible time.
Here’s a list of the documents you should prepare:
- W-2 Statement. You will be required to submit this form if you are an employee. Be ready to provide your W-2 for the past two years.
- P & L Statement or 1099 Form. For those who are self-employed or own a business, the papers required would be the current profit and loss statement of the 1099 form.
- Recent Paychecks. Copies of your recent paychecks will serve to verify your income. Usually, your paycheck for one month will do, but it won’t hurt preparing copies covering more than a month. If you’re paid electronically, print the paycheck after accessing it on the website.
- Most Recent Tax Returns. Submit your most recent tax return forms, possibly up until the previous year. You may also have to sign an IRS Form 4506-T, which permits the lender to get from the IRS transcript of your tax returns.
- List of Debts. Another vital document is the detailed list of your debts. This should include all your obligations, from credit cards, car loans, student loans, child support, and any other form of debt.
- List of Assets. Prepare a list of your assets together with all supporting papers. This will include any bank assets, real estate properties, mutual funds, automobiles, and investments you may have.
- Canceled Rent Checks. Be ready to present your canceled rent checks for at least the past 12 months and bank statements supporting these. In the absence of such documents, provide the name and contact information of the proprietor for verification purposes.
Take these papers to your mortgage company in South Jordan, who will then extend assistance to you in all pertinent matter. You’ll be in your dream home before you know it.