This week at the Vermont Mortgage Company, we are gearing up to meet the growing amount of new loans coming in. With the market heating up along with the weather, we are diligently manning our desks to ensure we give our clients the best service available. Fueled by our dedication to our clients, we have devised a blog post to help the many people beginning the process of getting a mortgage. Here, we will break down what is needed to start the process and what documentation you will need to get that ball rolling.
The first thing on your to do list is to be Pre-Qualified. This first step is simple and only takes a few minutes over the phone. Naturally, we are here at the office to help you take your first steps. After this step has been completed, congrats! The journey of a thousand miles begins with a single step.
Now comes the nitty-gritty part. To complete the loan application, there’s a lot of documentation that you will need to provide. Due to stricter guidelines on mortgages, these are required for everyone. Try and make sure you have all these documents at the beginning so you don’t have to stop halfway through. What you will need is:
- Pay stubs from the last 30 days for each borrower.
- Federal Tax Returns and W-2’s from the last 2 years.
- Proof of other income (bank statements, etc.)
- Drivers License copy.
- Proof of homeowners insurance, mortgage info. and anything else related to other properties you own.
Depending on your unique situation, you could also be required to have other documentation as well. You will be given a list of anything else needed as the process continues. It is difficult to know exactly what every individual will need, so it is best to gather everything beforehand. Making sure your finances are in order, and your documents are ordered and in one place can speed things up considerably. Always remember that this won’t last forever, and these small hurdles are how you will move into a dream home and create many new memories!
If you are eyeing a certain property, speed will be your greatest ally. The market continues to be geared towards sellers, and inventory continues to be slim. Don’t hesitate to call us at 802-863-2020, or visit us on our website. And remember, there’s always a seat available for you in our office.