5 Documents Tooele Utah Homebuyers Need for a Smoother Buying Process
A lot of work goes into finding the kind of home you’ll want to make an offer on in Tooele Utah Don’t forget about all the little things that happen after the deal has been made. The paperwork needed by your lender may seem like a long way off, but time moves along faster than you think. Remember the part of the sales contract that said “time is of the essence”. Don’t run out of time.! Here’s a quick review of some of the documents you’ll need when the time comes to seal the deal.
Your Credit Report
It’s important to review your credit before making an offer. Make sure that you request your credit report in advance and review it for any errors that may be present. If there are any contestable errors or items that can negatively impact your credit score, you’ll be able to have them corrected before they can cause an issue with your real estate purchase.
Pay Stub Proof
The lender or mortgage company wants to know how you are going to pay the money you owe them. When you filled out the application you told them that you had a job and that you made enough money every week or so to retire the debt.
Now they want you to prove it.
In order to prove you have that job and that you are being paid what you said, you will need to provide at least two pay stubs from your current place of employment.
Don’t give away your originals, but a photocopy of your last two paychecks usually serves as adequate verification.
Recent Bank Statements
Every lender has a their own requirement to help them evaluate their risk.
The number of bank statements required to prove your credit history may change depending on the lender you’re dealing with, but you’ll probably need photocopies from the last two to three months.
This will be a means of proving your financial health as well as your ability to pay your monthly mortgage in the event of interest rate hikes or other fiscal setbacks.
Tax Return Copies
Your federal tax returns will provide further proof of your employment and financial standing, so the last two years of these – complete with your signature – will need to be submitted. Keep in mind that any schedules you’ve filled out to complete your yearly returns should also be included.
Additional Asset Statements
In addition to recent bank statements, if you have any stocks and bonds, mutual funds, RRSPs or other investments, you should also provide statements of proof for these. While these accounts will only require your most recent statements, they will be beneficial in providing a more comprehensive picture of your finances.
What Other Agents Think About What Buyers Need For A Smoother Buying Process
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