Are you taking the first steps towards getting a mortgage and are visiting a mortgage lender to get a pre-approval? If so, it will help to know what you may need to provide so that you can get started during your very first meeting.
One thing that a mortgage lender is going to want to know about is the employment history of anyone that will have their name on the mortgage. The lender is looking to see that you have been consistently employed over the years because you need that steady income in order to pay off a mortgage. They may be looking at how long you've been at your current employer and how many different places you have worked, so expect to be asked questions about previous employers as well.
It is common to provide contact information for employment verification at this point. It's a good idea to give the person at your job who takes these calls a heads up to let them know that you are applying for a mortgage so they can expect to receive the call sometime soon.
The lender will also want to know your income history. The best way that this can be done is by providing the page from your most recent tax return that shows how much you made the previous year, as well as the last 5 years' worth of income. This doesn't disclose the source of the income for each year, but it can show your financial history in a quick way to show that you make enough income to cover a mortgage.
Rental History Information
Are you currently renting a home or apartment? It may help to bring in a copy of your current lease to show how much you are paying in rent each month. It's just another way to demonstrate that you'll be able to handle paying off a mortgage if you can show that you are already paying a similar amount in rent each month.
Bank Account Information
It will also help to bring in a bank statement that shows how much money you have in savings. This is because the questions will eventually come up about where you will be getting the money for a down payment, and most people do so by using their personal savings account. Showing you have the cash on hand to pay for a down payment will help improve your chances of being qualified for a mortgage.
Keep these tips in mind when looking for home loan providers near you.