Did you know that the national homeownership rate in the United States of America is 64 percent? Buying a home is an exciting experience that everyone should get to have at least once in life, but there are certain home documents that you’ll need in order to make that dream come true.
Buying a house can get overwhelming, especially when it comes to the home buying documents, closing documents, and legal documents. It is natural that you’d want someone to help you through this tricky process. The good news is that you’re in the right place to learn about the home buying paperwork that you’ll need to buy your new home.
Keep reading to learn more about these home documents today.
Tax Returns
One of the big things that you’ll need when buying a home is your tax returns. A lender will want a broad view of your financial situation to determine if they want to give you a loan to buy a home. It is a good idea to have one to two years of tax returns.
Pay Stubs
You’ll also need pay stubs or proof of income when you decide that the time for buying a home has come. Your tax returns give a glimpse into your financial situation and your pay stubs will add to that by showing how much you currently make. Pay stubs are great to have along with this resource on liens.
Bank Statements
Bank statements are also important home documents to have with you. Your bank statement is important because they help the lender assess the risk of giving you the money to purchase your home. They’ll want to know that you have enough money to cover several months of house payments.
Credit History
Credit history is vital when buying a home because it gives the lender a much clearer picture of your ability to pay off the debts you’ve had over the course of your time as a consumer. Lenders will want permission to pull your credit report and take a look at your credit history before allowing you to start buying a house.
Photo Identification
It might not be home buying paperwork per se, but you’ll want to make sure that you have photo identification on you when you go to take care of the closing documents for buying a home. The lender will want proof that you are the person that you claim to be rather than someone that is committing identity theft or fraud.
Make sure that you bring something official like a driver’s license or a passport to prove your identity.
Make Sure You Have Your Home Documents Ready
There are a lot of things about buying a home that will make your head spin, but keeping your home documents in order will make the process much smoother and more manageable. Make sure that you remember your photo identification and bring home buying documents like your tax returns and pay stubs to prove your income.
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