Buying A Home: Loan Checklist
Assuming you've already chosen a Realtor and narrowed down your wish list for your home, the next step should be choosing a lender and getting a pre-approval letter from them. It may seem counter-intuitive to get this before you know exactly how much the cost of your home will be; however, it can take time to decide which lender is a good fit for your needs, and whoever you choose can help refine your price range so that your agent can be even more efficient at finding homes that are the right match for your desires and your budget. And, having a pre-approval letter available to send to a listing agent is always a bonus when you do make an offer on a home.
We recommend working with a lender who is local to the Asheville / Western North Carolina area and there are several that our clients have worked with in the past who we can connect you with - it's always a good idea to shop around! Once you are ready to apply for a loan and get your pre-approval letter, here's a quick checklist of what you'll need to send to your lender:
- A month's worth of your most recent pay stubs.
- Copies of your last two years' federal tax returns and W2s.
- Names and addresses of your employers for the last two years.
- Last three months of bank statements.
- A copy of your Buyer Agency Agreement (your Realtor can provide you with this!).
- The names and addresses of your landlords over the past two years.
- Divorce/separation decree.
- Child support papers.
- Bankruptcy or discharge of bankruptcy papers.
If you need recommendations for a local lender, email us or give us a call at (828) 771-2339! And stay tuned for what to do once you've been approved for a loan.
