Top Home Loan Mortgage Tips

Getting a lender to approve your request for a loan can be a daunting job

. Following these home loan mortgage tips you can save yourself a lot of time. And in home loans in particular, time is money.

Copy your complete tax returns for the past two or three years minimum. Copy every page. They will want every single page. Leave nothing out. If you added a cover page when you sent it to the tax people, copy that too. Every page for the past two or three years. No excuses. They will accept nothing less.

Copies of your paychecks from the past two or three months are also needed. If you are near tax time, these are even more important. You want the prospective lender to know beyond a doubt you did not get laid off last month.

Have a record of your bank balance and savings balance that is dated within 24 hours of your mortgage meeting. You can get it online. If it is only hours old, even better.

If you can, bring a copy of your current credit report as well. They will check it themselves anyway. If your credit is poor, it may be an up hill battle ahead.

How much down payment do you have? Whether you have as much as twenty percent or as little as five percent, you will need all the above paperwork. Having the down payment is not as full proof as it once was.

Okay, the documents are in hand, copied and ready to go. Before you talk to anyone, check with your bank or savings institution or credit union about how much you can be approved for. Get a letter that states the amount they would loan you.

The letter from your bank inspires confidence. A mortgage requires much more. The value of the home and other considerations will be key, but you have a bit more clout with that letter.

Ask your Real Estate Agent to find out if the lender has any specific requirements you may not have addressed. This is not always known ahead of time. But if it is a finance company he or she has worked with before, they may know of some other requirements.

Now that you possess your tax records, employment proof, banking information and credit report, you can approach any lender with confidence. If your numbers meet with their requirements you stand a much better chance of getting the loan with a minimum of hassle. But, even with these home loan mortgage tips there will always be hassle. Just expect it.

by: Jim Edwards.

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