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How to Prepare
for a Home Loan

A young couple studying a laptop computer

Your journey to obtain a home loan can seem daunting and complicated. However, it doesn’t have to be.  It all starts with a simple conversation. Here, we will mutually build a game plan to succeed in your goal of acquiring a new home. There are a few critical items that will be required as we execute the plan, from pre-qualification to approved financing of your new home. Below are some of the important items you will need to provide.

  • Offer to Purchase – After we receive this document, the rubber hits the road and dictates many of the deliverable dates through the transaction. It is important that your lender has a copy in their hands as soon as possible. Ensure that the entire Offer to Purchase with addendums and counteroffers are provided and the contract is signed by all parties.
  • Most recent thirty (30) days of paystubs – Keep in mind your paystubs can not be more than one month old at the time of your submitted application.
  • Most recent two (2) months of bank and investment statements – Ensure that all pages (front and back) are provided, and include all accounts such as checking, savings, and investments so funds for closing can be verified. If you have any large deposits within the statements, you will need to provide a detailed letter of explanation.
  • Most recent two (2) years of W-2 statements from your employer.
  • Self-employed, commissioned, or borrowers who own rental properties will need to provide:
    • Most recent two (2) years of personal tax returns with all statements and schedules.
    • Business owners will need to provide the most recent two (2) years of business tax returns filed for your company (e.g. 1120. 1120S, Schedule K1/1065).
  • Documents provided by your lender – Through the financing process, there will be several forms that will need to be signed and returned. We have online options for these documents so you can effortlessly view and sign while on the go. Or, you can stop in at the bank to handle these actions in person. Whichever is easiest for you!

As with people, every transaction is unique. Some transactions may require additional documents through the process.  Rest assured that our team at American National Bank Fox Cities stands ready to advise you through your new home purchase and future mortgage needs.