Posted on: 12 January 2021
Getting a mortgage can feel like a complex process. You have to apply for your mortgage and work with your real estate agent to ensure that you get the funding you need. All of this also means that you may need to present financial documents to your real estate agent.
So, when you meet with a real estate agent, what documents do you need to have to support your financial endeavor? These are the financial documents you should have on hand.
Your Social Security Number
You will need to provide your Social Security number so you can undergo a credit check. Your number will be used much like it would be if you were trying to apply for a credit card. Keep in mind that this means applying for a loan will appear on your credit report.
Your Driver's License
You have to prove your identity to a mortgage lender. A driver's license or identification card is a good option for this because it has a photo of you on it. If you do not drive, you may be able to use a passport as well.
Your Social Security Card
You will also need this card in addition to your number so that you can prove you are a citizen. While you may have a Social Security number, the card can be used as a form of ID for a financial institution. Your real estate agent may ask for this card when you discuss financials and home shopping to ensure that you will be able to move forward with the transaction.
Of course, you will need to fill out a mortgage application as well. This means you also need to provide information like your address and work history, for example.
Pay Stubs and W-2s (or 1099s)
Your pay stubs help you prove the kind of income you claim. Your real estate agent may ask for these stubs to ensure that you are eligible to receive the kind of loan you are asking for and that you can pay the monthly mortgage.
State and Federal Tax Returns or Bank Statements
Tax returns and bank statements can serve a similar purpose to pay stubs. You may need to provide these tax returns to show that you have a history of making money and can continue to pay your loan in the future.
Speak With a Professional
Real estate services can help you pinpoint your financial needs and ensure that you receive the assistance you need. If you still have questions about the financial aspects of buying a home, speak with a professional today for more information about real estate services.Share