Home Loan Documents You Need to Have Ready

The home-Buying season will shortly be upon us. Soon, the weather will warm and buyers all around the state will come out of their hibernation looking for that lake home or cabin that they’ve been dreaming about all winter.

But let me fill you in on a little secret: those buyers are already out there prowling the market! For the first time in my career, the real estate off-season of fall and winter never came this year. The real estate market has been hot for about 10 months straight. There are a couple of reasons for this: record-low interest rates and a work from home environment that has been brought on by the pandemic. People now realize that they don’t have to split time at the house or up at the lake, they can now make that lake cabin their full-time home.

Because of these two factors (low rates, work from home flexibility), it is slim pickings for buyers right now. Houses are flying off the market at a rate never seen before, and because of this, you need to be ready to buy at a moment’s notice.

Prequalifying for a mortgage loan is just one step of the buying process, but it is probably the most important. Having that prequalification letter from the bank will ensure that you can make an offer at the very moment you’ve found your dream home. To help you get started on the prequalification process, I’ve provided a list of items that you will need to provide:

• Two Recent Pay Stubs
• Two Recent Years’ W-2s
• Recent Checking, Savings, Stocks, Bonds, and Retirement Account Statements
• Two Recent Years’ Personal and Business Tax Returns

It’s important to be ready, and it’s crucial to work with a lender who understands not only your financial situation but the market that you are looking to purchase in. Local expertise cannot be overlooked and will likely end up saving you time and money in the long run.

If you would like to start your prequalification process now, please fill out an online application or contact your local mortgage specialist. Let’s get you into that dream home just in time to enjoy the summer!