Real Estate: Make Sure You Have Money Prior to Shopping

As we all know, loan guidelines have continued to change. It is wise to consult a mortgage professional prior to shopping. 

Before going shopping for anything we typically know what money or credit is available to us, right? The same rules apply to the purchase of a home. It is wise to make sure that you have the money before you go shopping.  

We are all busy but necessary items that will be needed may take some time to gather. Below is a general checklist of what you may need prior to meeting with your mortgage professional: 

Full legal name

Date of Birth

SSN - Social Security Number

2-year address history

2-year employment history (with addresses & phone numbers)

2-year tax return history, with all schedules, federal onlyCash account bank & balance information (like checking, savings, money markets)

Other assets account & balance information (like IRA, stocks, 401(k), etc.)

Details of your relocation benefits (buyouts, credits, etc.)

Details of current/prospective employment (contract, rate of pay, start dates, written agreements)

These are several things that the bank will want to review along with your credit report prior to granting a loan.

It is always better to be proactive as we don't want to be in a position where we have to "pray on our knees" after signing a contract of sale on a home purchase!