Buying a house in a state like Dallas can be both exciting and exhausting at the same time. From finding reliable Dallas mortgage brokers to preparing all the right documents for your first appointment and closing a deal, it is a long and tiring process that requires research and guidance.
We have created this article to help you get started with your mortgage broker. Below you will find three types of evidence you may have to bring to your first meeting to validate your home loan application deserves all their attention.
3 Things Dallas Mortgage Brokers will Ask You to Bring to Your First Meeting
First things first, it is essential for you to understand that the entire mortgage process requires extensive paperwork. Here are 3 must-have documents you should take to your first meeting with a broker:
Proof of ID
Mortgage brokers need to know who you’re and where you are based. To prove your identity, they will ask you to submit your recent passport-size photograph or a copy of your driving license. Remember, whatever document you submit should contain your current details.
Apart from these two things, they may also want you to submit a copy of your most recent utility bill. A credit card bill or bank statement may also be required dated within the last 3-months.
Proof of Income
The broker would also like to see your pay slips to evaluate your eligibility. This ensures you can afford the monthly mortgage payments and would not back off during the process.
Take your pay slips with you, which shouldn’t be more than 3-months old. They should clearly state your name, your employer’s name, and net/gross pay.
If you’re self-employed, you can provide your proof of income through tax returns or an Accountant’s certificate issued by your bank/lender. In addition, you may also have to submit additional documents to prove your other sources of income (if any).
Proof of Expenses
Your income certainly isn’t the only thing your broker would be interested in. He’d also like to get a clear idea of your spending habits before forwarding your loan application to relevant authorities. For example, suppose you earn a decent amount every month, yet your expenses exceed your pay. In that case, it will be easier for the broker to foresee that you won’t be able to pay your monthly mortgage payments easily.
For this, You must submit your bank statement dated within the last 2 months. They may also ask you to submit evidence of savings and details of other financial commitments to evaluate your current and future financial situation.
In case you are self-employed, you will need to prove to the mortgage lender that you still have stable income coming in. In this case, you will be asked to provide them with two years of personal tax returns. Business tax returns, profit and loss statements, and the balance sheet of your business.
As complicated as the process of home mortgage and financing may sound, the fact is it will all be worth it in the end. Just ensure you keep everything documented so it won’t be difficult for you to submit documents. When your broker asks for them during your first appointment. All the best!