Before
initializing the process of purchasing your dream home, you must first prove
that you are capable, as well as responsible, for paying off the loan you take
out. You should have complete information about loans, interest rates and other
details. To have a better idea, hiring an efficient mortgage broker
Philadelphia is considered the best step.
Hence, if
you are concerned about buying your dream home via a loan amount, hire an
efficient yet reliable Mortgage Broker Philadelphia.
They will tell you about some mandatory documents to review and study before
they begin the procedure of approving your application for a home loan.
In this
article, we are going to discuss the specific documents your mortgage provider
needs in order to get you approved. These documents include various employment
documents, bank statements and other financial records, and proof of
identity. Read on to learn more of the
specifics
1. Employment documents:
Before you
can even begin to process a home loan, lenders want to confirm that you have
steady employment. Steady employment is evidence to lenders that you are mature
and financially stable. Hence, they can trust you with the loan you have taken.
2. Bank
statements and other financial records:
The following financial records and
bank statements play a vital role:
● Alimony and/or child support documents:
If you receive or pay alimony and/or child support regularly, then it's your
primary responsibility to provide the information to your lender. This should
be done to ensure that you are periodically receiving or making these payments
on time.
● Gift Letters: If your family and/or friends are
helping you by providing money to purchase a home, then you must share this
information with the mortgage broker. The information should consist of details
such as: who it was from, your relationship with that person, funds receiving
dates, gift amount, and so on.
● Rent payment history: If you are living
in a rented home or apartment, then mortgage brokers will check the records to
make sure, you pay your rent on time. You can even ask your landlord for a
verification form or payment receipt from the last year.
● Assets/collateral proof: Mortgage
brokers also need to make sure you will be able to keep up with your monthly
payments. The collateral and collateral proof make them understand that you
don't fall behind, and thus you are capable enough of making their payment.
If you are
interested in Jumbo loans, you should know about Jumbo Mortgage Rates Philadelphia. A skilled mortgage broker can
tell you about this. Latitude Financial is a perfect destination to know every
detail about mortgage rates.
3. Proof of identity:
To avoid
fraud and identity theft, mortgage brokers need to verify that you are a
genuine person. Hence, you need to provide documents such as:
● Driver's
license or other state-issued ID
● If you are
a veteran, you need to provide proof of military service
● Proof of
residency
Time to sum
up:
Contact
Latitude Financial if you need to know about jumbo mortgage, FHA loans, USDA
loans, Refinance Rates PA or for any
other loan related needs. Call us at 215-600-1810 to know more about our
services!
