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.
3 Documents You Need to Make Mortgage Application 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
- 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
- Mutual funds
- Retirement accounts
- 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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