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By Jaz Cook
Expert Author Jaz Cook
If you are thinking of buying your dream home, it is very important for you to gather all the documents that are needed during the home buying process. When you have all the papers ready, chances of you being denied a mortgage will be very low. Having all the paperwork done will also will help in proving your creditworthiness as well as your ability to pay back the loan .
The following are the paperwork’s you will need to prepare when buying your new home :
These are statements for wages and taxes. Your employer should be the one to prepare these forms and you will need to get copies that were submitted during the previous two years. You will also need to prepare and submit copies of tax returns that were prepared the previous two years .
You will need to prepare copies of your bank statements for submission. They should reflect your transactions for the last two months. Other lenders may require you to submit the statements that reflect your transactions for up to the last three months .
Proof of income
This is a statement that shows that you are actually getting income from your employer. It is usually accompanied with the most recent banks slips that you got from your employer .
Earnest Money Check
You will need to submit a copy of the earnest money check to the lender. It will be used for accounting purposes when the house is being closed on the last day .
You will need to make copies of statements for stocks, bonds, retirement funds or mutual funds that you have. It is important to have hard copies of these statements since some lenders want them that way as compared to online statements that are in soft copy .
Driver’s license copies
Your driver’s license will be very helpful in identification and reproduction, so you will need to carry it if you are meeting the lender in person. Make sure that the license has your photograph and then make a scanned or printed copy of it .
All of the papers stated above have to be in order for you submit the payment for closing. In the event that the lender will be paying your property taxes as well as the homeowner’s insurance, you will need to create a reserve or escrow account .
Once your credibility and your ability to own the new house has been validated, you will need to sign the necessary documents as well as mortgage arrangements. One very important document that you will need to sign at this stage is the deed of the house. It is very important in proving that you are the legal owner of the home that you have purchased after the whole sale has been consummated. You will also need to acquire the title of the house that you just bought to show that you are the rightful person with any legal claim to it. After acquiring these two documents, the house will be transferred into your name and you will have the freedom to do whatever you want with it .
Looking for homes for sale in La Jolla? Then Jaz Cook is the one to contact today !