What Do I Need To Apply For A Mortgage?

If you are buying a home for the first time, you need to get financing. So, what do I need to apply for a mortgage?What Do I Need To Apply For A Mortgage?Research is the first step of the loan application process. Familiarity with budget, the type of desired property, and the type of loan that will work best for you are some of the vital issues you need to figure out first. The key to getting the loan you want is to be prepared.One of the key aspects you will need to review is your credit history. Your credit score can be a make or break factor in the determination of whether to give you financing. On the downside, most credit reports contain erroneous information. In fact, more than forty percent of all credit reports contain at least one error.Once you have completed your preparation, it is time to actually apply for a mortgage. So, what are the hard items you are going to need?1. Pay stubs for the last 30 days.2. Documented proof of any other income such as alimony payments, stock dividends and such.3. Monthly investment statements – 3 months.4. Bank account statements for the last 3 months.5. W-2 Forms covering the past two years. 6. Federal Tax Returns for the last two years.7. Bankruptcy filings, if any.8. Any estimate of proceeds from another home you are selling.9. An optional, but wise, statement should be included explaining where the down payment for the home is coming from. 10. Documents showing ownership and value of any high worth assets. At the end of the day, the documentation is not really that difficult of a hurdle to jump. The key is to know what you need, organize it and provide it to the lender.