What Documents Are Required from Lakeland FL Homebuyers?
Whereas homeowners or sellers have to provide documents that prove their ownership or rights for selling a Lakeland FL house for sale, homebuyers like you have to submit documents that prove your financial capacity to purchase the property you are interested in when applying for a mortgage.
Buying a house can be a complex and protracted process even if you have the best agent helping you out. You can, however, expedite the process by doing what you can to complete all documentary requirements that may be asked of you.
Pay Stubs
These will only be asked if you are employed and are earning wages. Professionals and business owners naturally do not have pay stubs and are required to submit the requisite counterparts as proof of income. Also, remember to submit copies and not originals. If necessary, you can have the HR or Accounting Department of your company to certify the copies instead.
W2s and Tax Returns
Provide copies of the two most recent W2s and tax returns you have in your possession. Again, the operative word here is “copies”. Never submit original documents as there’s no way to know if your documents will remain completely protected and secure from unauthorized access.
These documents will also show if you have other sources of income aside from the current company you are working in, your practice, or your own business.
Bank Statements
Most creditors and homeowners prefer to know how much cash you have in the bank as this will also prove how much you can afford to “immediately” pay. Also, homebuyers of Lakeland FL homes for sale are usually asked to submit copies of bank statements that include transactions involving your accounts for the last three months.
Asset Statements
Creditors also want to know how much and what types of assets you have. This way, they would have a better idea of whether you would still be able to pay your mortgage even if your cash reserves are suddenly wiped out for any reason.
Valid IDs
Last but not the least, homebuyers of Lakeland FL properties will usually be requested to submit copies of their valid IDs. These include but are not limited to your driver’s license and passport. Again, make sure to submit only copies and not originals. If necessary, you can also secure from your local government a certified copy of your birth certificate. Lastly, please prioritize valid IDs that have your photo, full name, and birth date indicated.
Hopefully this will not take you long to get all these documents to together to apply for a mortgage to buy your next Lakeland FL home. In the meantime, feel free to search for your next home by clicking on the picture below.
