Documents Required for Preapproval of Atlanta Mortgage

Posted by alisonreid29 on April 24th, 2014

There can be nothing more frustrating that house hunting for hours and finding one that suits your needs the best only to be told by the credit unions and banks that you are not eligible for a mortgage. The best approach would be to get a preapproval for an Atlanta mortgage before you set out looking for homes to purchase. Getting preapproval requires a lot of documentation, ranging from income proof to credit reports since financial institutions scrutinize every aspect with a fine tooth comb before giving their approval. If you want to avoid rejections and get the Portland mortgage approved in the first try, here are certain documents that you need to have in place.

The first thing that you will need on hand while applying for Atlanta mortgage is the residence and identity proof. There documents that will be accepted as proof by the financial institution will be mentioned in the application form. The documents that are normally considered valid for identity proof are military or state issued identity card, social security card, driver’s license or a passport. To establish proof of residence, you can produce a copy of the rental agreement, utility bills or a copy of the mortgage statement from another financial institution that carries the current address. A notarized document from the landlord is acceptable while applying for Portland mortgage in the absence of the lease agreement.

Income proof also has to be provided for preapproval of Atlanta mortgage. The documents are pretty simple and straight forward for salaried professionals applying for a home loan. The pay stubs for 30 to 90 days preceding the date of application, along with the W2 statements for the last couple of years, have to be produced along with the application form. Self employed applicants or those who get income from rental properties have to furnish their tax returns for the last two years. Documents that show income from social security benefits, dividends, interest from term deposits and others sources should also be provided if you want the lender to consider all aspects of income while approving Portland mortgage.

Some of the financial institutions today also ask for bank statements along with the completed Atlanta mortgage application form. They will want to know the bank balance available to verify if you will be able to afford the down payment and the Portland mortgage closing costs in case of any eventuality. In case you are receiving a certain amount of money as a gift from a loved one towards the purchase of your home, the proof of the same has to be provided to the lender at the time of preapproval.

The credit history is one document that cannot be missed while submitting an application for Atlanta mortgage. This is probably the document that decides if the Portland mortgage application is either approved or rejected. Since this document clearly shows the debt you owe to various lenders, it enables the loan provider to calculate the accurate debt to income ratio before approving the home loan.

Do you want to know the documents needed for Atlanta mortgage? Please visit our website to learn about the documents and also apply for Portland mortgage.