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(313) 643-5239
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Finding the right mortgage lender

You’re just starting your search to purchase a new house - this is an exciting time! Before you schedule your first home tour, getting approved for a mortgage is an important first step. 

Here’s a checklist of things to get ready so you can get you on your way to buying the home of your dreams: 

  1. Personal documents
    You’ll need two forms of government-issued ID, your social security number, divorce papers if applicable, as well as proof of ownership of other property.
  2. Review your credit report
    You should be able to do this free of charge. Be sure to dispute any errors or provide an explanation for late payments or derogatory items. 
  3. Tax returns
    You’ll need to provide tax returns for the previous year, and potentially for the last two years.
  4. Proof of income
    Gather W2s, paycheck stubs, 1099s, or a year-to-date profit and loss statement if you’re self-employed. You’ll also need to show other income sources such as Social Security, child support (and proof children’s ages), or government assistance.
  5. Proof of assets
    Provide bank statements, mutual fund statements, account balances for retirement accounts, 401Ks, IRAs, and any money held in the stock market.
  6. Debt summary
    You’ll need to provide a summary of your debts, monthly payment amounts, child support payments and balances for credit cards, student loans, car loans, other property loans.
  7. Financial issues
    You may need to provide a written explanation if you’ve had bankruptcy or other financial issues in the past.
  8. Down payment and closing money ready
    Have these funds ready in your bank account. If you received this money as a gift, you might need to provide a letter from the person who gifted you the money explaining the gift is not a loan.
  9. Rent payments
    Compile proof for the past year with canceled checks or money orders to show rent was paid on time.

Make sure to shop around! Getting pre-approved with multiple lenders is a great way to make sure you're getting the best rate. A home is likely the largest purchase you’ll ever make, do your homework to ensure you get a competitive deal. Applying for your first mortgage? Get in touch with us! We’d be happy to walk you through the process and help you find a mortgage lender you can trust.