<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
        <atom:link href="http://www.palmriver.com/blog/rss/" rel="self" type="application/rss+xml" />
        <title>Real Estate Blog</title>
        <link>http://www.palmriver.com/blog/</link>
        <description></description>
        <item>
            <guid>http://www.palmriver.com/blog/important-documents-that-you-may-need-for-approving-your-home-loan.html</guid>
            <link>http://www.palmriver.com/blog/important-documents-that-you-may-need-for-approving-your-home-loan.html</link>
            <author>info@palmriver.com (Eamon Murphy)</author>
            <title>Important documents that you may need for approving your home loan</title>
            <description> <![CDATA[ 
Before you go hunting for a house, you may request your lender about pre-approval so that you may know that you can pre-qualify for the loan amount. In order to pre-approve your home loan, your documentation needs to be appropriate and unless you know the exact things that you may need to show your lender, you may unnecessarily delay the process of taking out the loan. When you pre-approve a home loan, the lender’s underwriter will approve a subject to find a suitable home after meeting a number of conditions. If you’re oblivious about the documents that you may need while pre-approving for your home loan, have a look at the following points.




The mortgage application and your credit report: Before the mortgage lender takes any further step, he will ask you to complete the mortgage application form. The mortgage application form will ask you to disclose important information like address, name, birth date, Social Security number and your work history for the past few years. The mortgage lender will also require your credit report from all the three credit reporting agencies. The underwriter will go through your report to ensure that all the credit related guidelines are met by you. He will also check your payment history to see if there are any credit issues.


The pay stubs: You must be employed and this is the reason you’re taking out a home mortgage loan and before you get pre-approved for the home loan, the lender will check the pay stubs and the W2s for the recent years. The lenders will determine your base income and also check if any bonus or overtime and commissions can be used to qualify for the loan.


The bank statements: You will also need to prove the bank documents that prove where all the documentation is coming from. The most common form of documentation is bank statements and investment statements. In fact most of the mortgage lenders don’t accept cash-on-hand to be used while making down payment on the loan or even the closing costs.


The tax returns: The self-employed borrowers may even be required to provide tax returns for the next two years. Types of non-employment income such as dividends, interests and retirement income require tax returns too. If you even own a company that files corporate returns, you may be liable to provide any corporate returns including the K-1s and the income documents.




When you’re preparing yourself for taking out a home mortgage loan, make sure you assemble all the documents that are needed to facilitate the entire process. The more you gather the documents, the faster you can close the entire deal. Shop around among different lenders; choose a mortgage loan after getting multiple quotes from multiple lenders so that you may select the best one according to your budget and affordability.
 ]]> </description>
            <pubDate>Wed, 21 Mar 2012 14:10:01 -0400</pubDate>
                    </item>
    </channel>
</rss>
