When purchasing a new home, it can be a long process to complete. From finding the right property to closing, it can take a few months to finalize a sell on a home. The most time-consuming part of purchasing a new home is finding the right property that fits your specific needs. Once the right dwelling is found, the next step is securing the finances required to purchase the property. How long it takes to be approved for a loan can be minimized when you select to pre-apply for financing. By pre-applying for a loan approval, you will know how much funding is available to purchase the home and any additional expenses you might have to pay. However, before you apply for a mortgage it is important to gather the important documents required for prequalification in Raleigh, NC.
Documents Required
- The borrower must provide proof of income to verify they can repay the loan. This would require them providing the previous years W2 forms or pay stubs from the past 30 days.
- Homeowners insurance and verification of the policy is required when applying for refinancing an existing residence or financing on a new home.
- Identification such as driver’s licenses, ID, or passport is required when applying for a home loan.
- Proof of any assets that the borrower may have such as statements from their savings and checking accounts, or other types of assets that the lender requires when applying for prequalification in Raleigh, NC.
Minimize Your Stress and Shop with Ease
Applying for a home mortgage can be a challenging process that can leave the potential borrower with a headache. Loan Simply supplies homeowners and possible buyers an easy way to apply for a mortgage. They offer each client with valuable information on the various loans available to help them make a well-educated decision in which one to select.
