Page 7 - How To Buy A Home with Cat Stevens RVG

Call or text Cat Stevens with questions 502-888-3991 www.RiverValleyGroup.com

Mortgages & Finances

Here’s some important advice: As soon as you have made the decision that you want to buy a house, one
of your first steps should be to make certain that you have a clear picture of your financial situation. Find
a lender that you feel comfortable with and that offers you the rate you need. Rates vary depending on
your down payment, financial history, and credit score. After you have found the lender you would like
to use for your mortgage loan, you can expect a lot of paperwork for the actual application. Your lender
may or may not need the following items, but be prepared to find:

■ Income tax returns from the previous year.
■ Income and employment records. Collect W2 statements from the last two years and last two pay stubs.
■ Records of any past bad credit history that has since been paid off.
■ Records of any supplemental income you may have, like alimony or child support.
■ If you are self-employed, you will need all business records and tax returns for the last two years.
■ Recent address(es): Make a list of all the places you have lived in the past two years, including how long you
have lived there.
■ Lists of assets: These include holdings such as stocks and bonds, IRA accounts, vested retirement plans, life
insurance policies, cars, and other real estate properties. Bring all current balances, names, addresses, and
account numbers when applicable.
■ List of debts: These include credit cards, auto loans, school loans, and any other money owed. Bring current
balances, names, addresses, and account numbers when applicable.
■ Divorce papers and child support agreements.
■ Paperwork from any extra income. This may be a part-time job, alimony, or rental payments made to you.
■ Foreclosure and bankruptcy status. Disclose these items openly as any attempt to hide records like this will
be viewed unfavorably.
■ Gift letter: If someone is helping you with the down payment, you will need a letter stating that the money is
a gift that is not expected to be paid back.
■ Social security number. The actual card is recommended.
■ VA documentation if you are applying for a VA-backed loan.

Even after you turn in all of your information, you might have to make two more trips to the lender with
additional documents. There is always one more piece of paper they’ll need, and it varies by lender and
loan program.

Run a credit report to make certain there are no discrepancies or problems in your credit history.
You can view your report online to fix problems, but your lender will still require their own.

EQUIFAX.COM EXPERIAN.COM TRANSUNION.COM

Keller Williams Realty Consultants - How to Buy a Home in Southern Indiana 5