Buying a home is an exciting but nerve-racking time, especially for first-timers. It can seem like an endless sea of papers and information-gathering. There is plenty of that, but if you do some research before picking up the phone, you can save yourself a lot of time and aggravation. Be prepared for your first consultation and have some basic information ready to go. Then when you have to gather the rest, it won’t seem like such a monumental task. When you’re ready to secure a mortgage loan in Houston, Texas, contact Zion Mortgage. We are happy to help you get through the process. Here are some of the things you’ll need to submit a mortgage application whether it’s a first time or a refinance
Tax returns—Lenders want a complete financial picture of you. You’ll probably have to fill out a 4506-T so the lender can request a copy of your tax returns.
Pay stubs—Lenders want to know that you have the means to pay back the loan. Be ready with two months of pay stubs or bank records showing direct deposits.
Bank statements—When building your risk profile, lenders want to look at your bank statements and other assets. Lenders want this to ensure you have a few months of reserve funds in case you lose your job.
Credit history—Lenders need to assess you as a borrower. They will pull your credit report and look through it. They are looking for missed or late payments, any defaults, and how much outstanding debt you have.
Photo ID—Having identification is more important than you might think. You must be able to prove that you are who you say you are. Have a state-issued identification card ready to show.
Renting history—For those who don’t already own a home, lenders want to see that you can pay the rent on time. They’ll look at rent checks from past landlords to find out.
Contact Zion Mortgage for mortgage loans in Houston, Texas.