Home Loan Document Checklist ~
Suggestions and Mortgage Calculator
Start gathering documents from our Home Loan Document Checklist below. Applying for a loan is easy. The hard part for many people is getting their paperwork together. In this challenging housing market, you want to be prepared.
Plan Ahead For Your Home Loan
The Home Loan Document Checklist is pretty straightforward. Start gathering your required paperwork now. Every lender requires personal documents to process and approve a home loan mortgage. The credit report provides some account names and account numbers, but our checklist gives you the list to work on. We suggest you start now because it may not be easy.
Know that you should be prepared to provide everything on the Home Loan Document Checklist at your first appointment or by email. Later on, you’ll be asked for additional pay stubs and bank/broker statements monthly as you get them until the loan is completed. Another credit check and employment verification are done on the final day before closing the loan.
Try hard not to change a thing once you are approved.
FAQ's About Home Loan Documents
📄 What Is The Checklist For A Home Loan?
Getting together items on the checklist for a home loan in Las Vegas or Nevada can be a pain. There is a list of documents you need on our Home Loan Documents Checklist website page. It includes 2 years of taxes while working in the same line of work, investment statements, and 2 months of bank statements showing where your down payment is. You’ll need your two most recent paycheck stubs and, sometimes, court orders requiring child support or alimony.
What makes getting a loan a pain for some people is when the transaction takes longer than 30 days to close. You need to update your bank statements and paychecks every month. People have issues when they’ve packed their financial records. Be sure to photo documents before packing and during the escrow and build times.
🔎 What Should I Look Out For When Getting A Home Loan
I think that what you should look out for when getting a home loan is buying things. When you take on new debt or charge things, it changes your debt-to-loan ratio, and you may no longer qualify for the same loan amount. Rule of thumb? WAIT! Do not buy a car or charge a vacation. Don’t buy appliances or furniture on credit. The day the house becomes yours, go on your shopping spree!
📃 Mortgage Pre-Approval Checklist
Whether buying a new or resale home, a mortgage pre-approval checklist may be needed. What’s on the list? Call Nevada Lender For Pre-Approval. That’s all. When you are preapproved, a home seller is more likely to see you as a strong home buyer. To be stronger, consider getting full loan approval IF you are buying a resale home.
When we represent home sellers, we suggest that offers with a pre-approval letter are less risky than ones without. We always require a pre-approval loan letter or proof of funds before considering an offer. When buying a new construction home, the loan rate buydown may be linked to using their company lender. Do the math; it isn’t always worth it to use the builder’s lender. Builders are not in the business of losing money.
At a minimum, get a verbal pre-approval, hopefully from a local lender we know. Do not pay them; have them send us a copy of the pre-approval. Don’t look at resale homes without it…
📞 Call Kurt and Terri
Talk to us. We are in the business of protecting our clients and their interests. We are unique – we work for you and share our extensive expertise in real estate and construction. Our goal is to protect you and your investment through every step.
We Sell Las Vegas, Henderson, and North Las Vegas.
How Can We Help?
Kurt and Terri
Realty One Group
www.HomesForSale.Vegas
702-750-7599
Links That May Be Useful:
Nevada Health Exchange
Clark County School District
Las Vegas – Clark County Public Library
Clark County Park Locator Tool
Loan Document Checklist – Be Ready!
Start Gathering Your:
- Tax returns for every person on the loan for the last 2 years. These need to be for last year and the year before.
- If you are self-employed, provide last year’s and a year-to-date P & L.
- If applicable- Business Tax Returns
- Paycheck stubs for the last month or check copies for each loan applicant.
- You’ll need bank statements for all of your checking and savings accounts.
- Private and consumer loan numbers and balances that are not on your credit report- ie, student loans, cars, etc.
- Five years of primary residence addresses
- Two most recent statements of investment portfolio brokerage accounts
- List other investments where no debt is involved- like stocks, bonds, boats, homes, cars, etc
- Retirement accounts require 2 months or the two most recent statements.
- Documents to support additional income, Social Security, a pension, etc., and monthly legal child support payments, and if you’re paying or receiving it.
Exceptions are always possible, but planning ahead is better than waiting until the last minute. Be prepared to update your statements and pay stubs as they arrive each month.
Lender Home Loan Products and Approval
There are many kinds of home loan products. Stated Income Home Loans have gone away, but there are home loans where you can show bank deposits to verify income, in addition to other creative programs. Anything out of the mainstream box will result in a higher interest rate.
If you’d like a referral to our favorite local lenders, give Bruce Singer and Caren Becker a call. After 30+ years of doing Las Vegas real estate, someone has to really impress us to keep our business referrals coming. We are fortunate to have 2 top-notch lenders to refer you to.
Interview them. Both Bruce and Caren have over 25 years of Las Vegas loan officer expertise. They advise you when needed and make sure you are getting the best possible rates and customer service.
All I Need is a Pre-Approval Letter, Right?
Yes, but no. A pre-approval letter doesn’t really say anything except that you talked to the lender, but they haven’t seen your documentation. When a seller is presented with an offer, they need to decide if you are worth the risk of taking their house off the market. Would you take your house off the market because your buyer talked to a lender?
Ideally, having a “Fully Approved Loan Qualification Letter” has a lot more weight than a “Pre-Qualification” letter. When there are multiple offers on a house, cash is king, a fully approved loan is the second-best, and a pre-qualified buyer is third. Make the time to do your loan app before looking at houses.
If you are just starting the home-buying journey, get your credit report and verify its accuracy. There is a problem with inaccurate reporting to the big 3 reporting agencies. Google “free credit reports with FICO score,” or go to FreeCreditReport.com. Also, see our credit blogs listed on the sidebar or below.
Looking For A House For Sale
Once you’ve completed everything on your home loan document checklist, your job is mostly finished. Give the lender a week or two to finish his file and get underwriter approval, subject to an appraisal.
Now it’s time to find a house! In a seller’s market, the quality of the buyer is important. If you are not paying cash, you need to show the seller that you are prepared to buy their house and are not a high risk.
For a seller, there isn’t much worse than selling their house and having it fall out 3 weeks later. They’ve packed, found another place to live, hired movers, and are probably counting on their equity to put down on the house they’ve purchased. Being FULLY loan approved is imperative to have your offer to purchase chosen over competitors.
Which Fabulous Las Vegas House To Choose
Once you are loan approved, we look at homes for sale. In the Las Vegas Valley, new homes are for sale as well as pre-owned real estate. There are 5 main cities to choose from: North Las Vegas, Las Vegas, Henderson, Boulder City, and Pahrump. We sell houses in 16 Southern Nevada Cities.
Every city has homes for sale with a pool, and homes for sale zoned for horses. There are luxury homes for sale with a view and houses for sale on a golf course. There are luxury high rise condominiums and regular height condos and townhouses. Do you want a gated or guard-gated neighborhood in a master-planned community? Maybe a 55+ development?
If you are unsure of where to live, first you’ll want to find the right area of town for you to live in. We offer a 3-hour home tour showing you areas through our eyes and a few houses. Once you choose an area, we will find the right house for you!
New Construction Homes – Information
New Construction Homes Info
7 Reasons For Using A New Construction Realtor
New Construction Monitoring
Inspections- New Construction
Las Vegas Builders –
Inside Information &
Neighborhoods
Pulte Homes
KB Homes
DR Horton
Lennar Homes
Century Communities
Pardee Homes
Woodside Homes
Toll Brothers
Del Webb Sun City’s
Beazer Homes
LGI Home
Storybook Homes
Taylor Morrison
American West
Competing For A Home
More recently, it has become a balanced housing market for buyers and sellers. Sellers and buyers are more likely to negotiate and help the other side achieve their goals. Last week, a home buyer got a property for $25,000 under market value because they had a flexible closing date. There’s a lot of motivation when accommodating the seller’s new home closing date. When you are FULLY loan-approved, your purchasing power is similar to that of someone paying cash. You can remove the loan approval contingency, which is huge.
Most people would rather sell to A PERSON than sell to an investor. In a city where investors buy homes, this may be important- especially in the $350,000 – $500,000 range of houses. We want the seller to like you, and being loan-approved (not just pre-approved) makes you more likely to close on the purchase.
There are additional strategies that we utilize when you are competing for a house. Over the years, we’ve worked with many agents, and many trust us, and more know who we are. The Realtor you choose to work with makes a difference. In new homes, the sales agents love us. They will hold a lot for you or push to have your specific lot built sooner. Superintendents don’t like us pointing out their flaws, which means I am doing my job.
If you know you are buying a resale home, try to be FULLY loan approved. When you are prequalified with a complete file and all documentation on the Home Loan Document Checklist, you have more strength. Wasting your time viewing homes, making offers, and then being turned down for an unknown factor is heartbreaking. Plan ahead!
Now that you have a home loan document checklist, start collecting the necessary documents. Being prepared and being aware is the best way to buy a house.
Let Us Know How We Can Help You!
Are you looking to buy or sell a home in Las Vegas?
We Sell Las Vegas, Henderson, and North Las Vegas
You Want The Best On Your Team!
Kurt and Terri Grosse
702-750-7599
