8 Things to Consider When Applying for a Mortgage
Buying a house is the main objective here but knowing how much house you can buy or you can afford is the most important and the only barrier between you “the renter” and being a homeowner. For that you need to see your favorite mortgage broker and seek to be pre-qualified for a mortgage. In order to do that, you need here are some considerations:
1. Most lenders require at least that you have 2 years on the same job or that your career in the same of different company be the same or be on the way up. On the other hand, if you are an independent workers paid thru 1099 you must show that you have a long-standing relationship with same or in-kind employer.
2. Good Standing Credit.
3. Last 2-years of 1040 Personal Income Tax declaration in good standing.
4. 30-days worth of pay stubs
5. 3-months of bank statements with clear path to funds, including the 401-K, IRA, Union Retirement Plan, etc or any other form of savings account.
6. 3-months of brokerage statements.