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    What Documents Do Lenders Need To Prequalify A Buyer? | Fridays with Fred

    So you’re planning on buying a home in Southern California or elsewhere in the United States; before you start shopping for a home the first step is to get pre-qualified for a mortgage loan with a lender and to do that you will need to have your financial documents ready for them to review.

    There are a lot of documents that you’re going to need to get pre-qualified for a mortgage loan especially since the mortgage guidelines have recently changed. A typical lender will first pull an application on you and gather certain personal information about you before pulling your credit report then you will need the following documents.

    Mortgage Loan Documentation

    After your lender pulls your credit report they will then need a variety of documents from you including the following:

    Residential History – Where you’ve lived over the last 2 year including the names and addresses of your previous landlords.

    Account Statements From Your Other Investment Accounts – These should include statements for stocks, bonds, IRA’s, CD’s and securities that you may intend to use for a down payment on a home.

    Your Current Real Estate Holdings – This documentation should include the addresses, market value, mortgage lenders name, account number and more for your current Real Estate holdings.

    Paycheck Stubs – From the last 30 days, these should also show your year to date earnings.

    W2 or I9 Forms – You will need these from the last two years.

    Monthly Debts – These debts should include your credit cards, school loans, auto loans and other debts that you may have.

    If You Are Self Employed

    If you’re self-employed you may be required to show proof of your other sources of income because mortgage lenders over the last 5 years have required more documentation from borrowers before

    approving them for mortgage loans to prove that they have the ability to repay their loans after they have been pre-approved.

    Learn More about Applying For a Mortgage Loan

    To get started with applying for a mortgage loan, or to view homes for sale in Southern California, contact Fred Sed Realty today by calling us at (800) 921-9231 or connect with us online.

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    Our agents write often to give you the latest insights on owning a home or property in the local area.