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Preparing for a Loan Application | Home Loans 101

This series has been designed with our homebuyers in mind. Regardless if you are a first-time or veteran buyer, the first step of the home buying process often involves shopping for a loan. This process is not always as simple as it sounds! Which types of loans are there? What is the difference between them? Which loan is best for you? Through this new series, we will help you navigate through those questions and the loan process, breaking down the most common loans that we deal with here at Nashville On The Move.

Week 5: Preparing for a Loan Application

What You Will Need to Apply

  • Social Security numbers for all borrowers
  • Your annual gross salary
  • If you receive Social Security Disability or Pension Income, bring a copy of a check or award certificate from that agency
  • If you are self employed, bring copies of your personal business tax returns for two years, and business profit, loss and balance sheet for the current year
  • List of all stocks, bonds, and/or Certificates of Deposit, including their cash value in today’s market – if available, bring last three months’ statements
  • If you presently own any Real Estate, supply the following: Name, Address of Lender, Account Number, Original Loan Amount, Balance on loan left at current time
  • Provide the same information as above for Real Estate previously owned and paid off
  • Complete list of all current debts: Account Number, Approximate Balance, Amount of Monthly Payment, Name the Account is Under, Bank the Card is Drawn Upon
  • Current Housing Expenses, i.e.: Monthly Mortgage/Rental Payment, Maintenance, Utility Costs

Thanks for tuning in to our Home Loans 101 blog series! | Next week: Mortgage Insurance | Want to stay connected? Like us on Facebook +  follow us on Twitter and Instagram. And, as always, check out our current homes for sale in the Nashville area.

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Our agents write often to give you the latest insights on owning a home or property in the local area.