So, you have made up your mind about getting a mortgage. However, you might not be sure about what you need to get a mortgage in the Merrimack Mortage market. If that is the case, then you are not alone and just to give you a hint, the mortgage loan process consists of a decent amount of paperwork. This paperwork means there are quite a few prerequisites if you want to get a mortgage in Merrimack or any US state. From a lender's point of view, they have to make sure that the mortgage loan they are giving you will be returned in time. So basically, the prerequisites of a mortgage are required to prove that you are a good candidate for the loan. Obviously, the bigger the loan you need, the more the prerequisites are going to be. Generally, you will need to fulfill the following requirements to get a mortgage loan.
You are going to need a heap of documentation to complete your mortgage application. This reason is why it is highly recommended to hire Mortgage specialists NH in your area like Nextgen Mortgage who can assist and compile these documents for you.
The list of documents needed for a mortgage application include:
Past Residence History
It will help if you have references or proof showing where you have lived for the past two years before your loan application. You will have to submit this information in documented form, including details about the landlords you have had in the past two years if you don't already own a house or the complete addresses of the locations you lived at for the past two years. The reason for this information is to make sure you have been paying your rent on time and are eligible for the loan.
Information such as your credit report from different loans you might have, including auto loans, student loans, or any previous mortgages, is needed for a mortgage application.
Another critical piece of information lenders will require for your mortgage application are your tax returns. Sometimes you don't have to provide your tax returns information; the lender might give you a form to sign, which allows the lender to get information about your tax returns from the IRS.
Proof of income and assets
You can only pay off a mortgage if you have sufficient income. This reason is why proof of income is an important document you have to provide to a lender. On top of that, if you have any real estate on your name or any other liquefiable assets, you will also have to provide details about them.
When it's all said and done and you have your paperwork to prove your mortgage qualification, it all comes down to if you can afford the down payment or not. This factor is where cold hard cash comes in because there is a certain amount of money you need to have in hand to pay the advance payment for your mortgage to the lender. There are plans with varying down payment requirements; a good mortgage broker can help you find a mortgage plan with a down payment that suits you.
A mortgage broker is going to make sure your application as strong as possible, increasing the chances of acceptance. They will keep your interests in mind and strive to get you the best possible deal. Mortgage brokers specialize in finding and providing suitable loans to borrowers; this will help in acquiring the home of your dreams.