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"Mortgage paperwork" is mostly about providing documents that show how much you earn, where you've lived, monthly debts and account balances. You can provide much of this information in person or on your application; however, there are several additional documents you may need to provide depending on where you are in the loan approval process.
Mortgage Prequalification Checklist
Your name (and any other buyers' names)
Estimated annual household income
Estimated monthly household debt expenses
Mortgage prequalification is an assessment of whether your debt-to-income ratio fits mortgage guidelines and provides an estimate of the amount you may be able to borrow. You can also request a prequalification letter, which you can give to your real estate agent to show you are a serious home buyer. Prequalification is optional, but it's a helpful step in the process of buying a house.
Mortgage Pre-Approval Checklist
Whether you've completed the prequalification process with Palmetto Mortgage Group or not you can apply for pre-approval at any time. Just complete a full mortgage loan application, including the following information.
Employment & Income History
A list of any new monthly debts not listed on your credit report (auto loans, student loans, mortgage loans, credit cards, etc.), including creditor name, address, account number, minimum monthly payment amount and outstanding balance on each account
Additional documents may be required at your mortgage closing. Your real estate agent and mortgage loan originator will let you know which documents will be needed when you close on your new home and they'll work closely with you at each step of the mortgage process.
If you have any questions at all about the loan process or application, contact us today.