Prepare Your Documents for Mortgage Application

It pays a great deal to organize and get ready for putting up your mortgage application. Just a little bit of home work can go a long way in your ability to run though this process with out undergoing anxiety and frustration. The process is as simple as you make it and can become difficult to handle if you do not pay attention to few important documents that are mandatory for the submission of a mortgage application. By & large, a majority of the documents that you need for submission to the lender are related to your credit worthiness and help the lender evaluate it's risk of lending a significant amount of money to you. The amount of loan that you are eligible for would depend upon the various documents that you submit to the lender. Make sure you are absolutely honest and transparent while giving the lender a true position of your income and liabilities. Read on to find out the list of few important documents that you must initiate to organize as you decide to buy a real estate property.

Address Proof - You must furnish to the lender your current place of stay. In case you are staying as a tenant, you need to take a certificate from the landlord indicating the time period since which you have occupied the current premises.

Income Tax Returns - The lending institute assess your income on the basis of the tax returns that you have submitted to the authorities during the last two years. The income that you furnish in your tax returns and pay the tax on is the income that shall be considered by the lender while determining your earning capacity.

Pay Slips - The lender gets to know the monthly salary by way of the pay slips that you submit. Most lenders would ask for the pay slip of the immediate preceding three months.

Bank Statement - You need to submit a copy of the bank statement in which your monthly salary gets credited. The lender would match amount shown in the salary stub with the credits done in your bank statement to ascertain the correctness of the salary slips. The bank statement also helps the bank know of any other loans or debt that you have been paying. The other important thing that the lending institute would come to know is the amount of funds readily available with you for down payment.

Sales Agreement - You have to submit the original sale agreement entered into with the seller which gives details about the property that you intend to purchase. The agreement would include the negotiated prices, the closing costs and title details about the property.

Credit Score Statement - The lenders place a significant importance to your credit score reported by the agencies. Make sure you work on maintaining and improving your credit score as the date of mortgage application approaches and take steps to remove any discrepancies or errors in your credit score report.

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