Buying a home is a serious financial investment that must be taken seriously. You must take your time in securing a property that will suit your needs now and in the future. Unless you’ve been saving to purchase a home for several years, chances are you’re going to need to obtain a loan to help with the costs. While the pre-approval application can be completed online, if approved you will need to provide a host of information to your loan provider in order to obtain mortgage loans in Hollidaysburg, PA. Having this information in order will speed up the underwriting process and get you an approval so that you can begin shopping for the home of your dreams.
Proof of Identity
With most mortgage applications, you will need to provide a copy of your driver’s license or other forms of identification. This is simply to prove your identity and to prevent fraud. If you are not a licensed driver, they may ask for your state ID, passport, social security card, or utility bills with your name on it for referencing.
Proof of Income
It is important to have a least a month’s worth of your most current pay stubs to provide to the loan provider. They will need this information to determine your monthly income, debt to income ratio, and stability of employment. If you are self employed, you will be asked to provide your most recent income tax return and possibly a copy of your bank statements to determine an average monthly income.
Credit Report
In most instances, loan providers can access this information on their own, and simply need your permission to pull your credit report. Before applying, it is a good idea to review your credit report ahead of time. Check for any discrepancies or negative ratings that should not be on your report. A credit history with a lot of collection accounts or seriously delinquent accounts run the risk of getting denied. Getting ahead of the game and resolving these matters can greatly improve your chances of being approved.
This is not the only information that will be required of you when applying for mortgage loans in Hollidaysburg, PA. Before your scheduled appointment, it is a good idea to call ahead to ensure that you have everything you need to get an approval. For more information on home loans or other banking needs, click here.
