3 Documents You Need to Make Mortgage Application Easier

If you’re thinking about borrowing money from a mortgage lender to buy land for sale in North Florida, there are three documents you should pull together right now to make the whole process easier.

When you borrow money from a lender, it’s all about paperwork. You’ll need all kinds of documentation to make the process go smoothly (or to even get approved at all). If you pull together everything you need before you even apply, the process will be easier. And while your lender might ask for additional documentation, you’ll have a head start.

These are the three things you need to hit the ground running:

Proof of income
Your credit report
Proof of assets

Here’s a closer look at each.

#1. Proof of income

You’ll have to show your lender that you make as much money as you say you do, so documents like:

W2s and 1099s from the past two years
Your last two tax returns
Self-employment income information
Social Security or disability payments
Pension income
Dividends
Child support or alimony orders
Rental income documentation

#2. Your credit report

You won’t give your lender your credit report – it will pull a copy itself as part of the decision-making process. However, you need to know what your credit score is so you know what you’re getting into. Typically, the higher your credit score is, the better terms and rates you qualify for. You can get a free copy of your credit report, thanks to the Federal Trade Commission, from AnnualCreditReport.com.

#3. Proof of assets

All your financial assets count when you’re taking out a mortgage loan. You’ll have to show your lender titles or statements from things like:

Savings accounts
Stocks
Bonds
Mutual funds
CDs
Retirement accounts
Cars
Other real estate

Are You Buying a Home or Land for Sale in Lake City?

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

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