The Basics to Applying for a Home Loan

homes for sale in las vegasGetting your own home is a fun and exciting time of life. You probably have dreamed of it for a long time and want that time to come as quickly as possible. You may even want it to come without you having to do much to get it. Unfortunately, there is not much that most people can do to acquire a home without first getting a home loan. In fact, it is nearly impossible. Luckily there are options available for getting a loan for your home, and it will still feel much more satisfactory than just renting forever. Read on to find out more.

What you need 

There is a lot of documentation that goes into applying for a home loan, and it’s important to be aware of this before you begin the process. This documentation is important and will help you get the best amount you can out of your home loan. In fact, if you don’t have this documentation, you will likely not get any loans at all. It is important that you present this at the time of your loan. Read on to find out what you need.

  • Full tax returns from the previous two years. This means that you will need to provide not just some information, but every page of information from those returns. Your lender will likely require that you have two years only if the income in your household was not very consistent. If you do not have a copy of this, you can get one from the IRS.
  • Recent pay stubs from your job. These need to be current or they will not be accepted by your lender. Be sure that you are and you’ll have much better luck.
  • Financial statements. You can actually get these statements from your bank, and this will show what you spend on a lot of things and how qualified you are for the job. If you think that you can get these types of funds in an emergency, you will.
  • Photo ID. Every person applying for a home loan needs to have photographic ID of who they are or it will not be accepted.
  • Proof of insurance. Even the kindest lenders will not give you a loan if you don’t have homeowners insurance. In fact, this is crucial.
  • A letter of written verification of your salary. This needs to be dated as well as written on letterhead from the company. You may also find that your lender will want to call your employer to make sure.

If you have any questions about this, speak with our real estate agents in Las Vegas. We can help you understand what it is you need and how best to combat any problems with what you are facing. If you are careful and know what you are doing, you will find yourself in a new home before you know it, and you’ll be happy you did!

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