Portsmouth NH Real Estate – Home Mortgage Application Tips

Looking to buy a home or condo in the Portsmouth NH

Make sure you start off by getting a written pre-approval letter from a professional lender.

Now that you’ve found the perfect Portsmouth home or condo, it’s time to make your mortgage application.  Here’s what you’ll need to get together for
your lender so you can provide him or her complete information to get your home mortgage in the works:

  • –  one month’s worth of pay check stubs;
  • –  your last 2 years’ of your W-2 forms;
  • –  your most recent 2-3 months’ of bank account statements;
  • –  account numbers and contact information on all credit cards and outstanding loans;
  • –  child support and/or alimony payments, if applicable;
  • –  your last 2 years’ of tax returns, if you’re self-employed.

This information is necessary to process your request for a Portsmouth NH home or condo mortgage, so the more documentation you can provide up front, the smoother and more stress-free your real estate purchase and mortgage process will be.  If your lender requests additional informtation, do your best to get that information back as quickly as you can.  Keep the process flowing and don’t cause unnecessary delays by not providing what’s asked for or by challenging your lender’s need for certain information or documentation.

Here are some other tips to pay heed to while you’re in the home buying

  • –  Don’t go out and run up your credit cards or make any big purchases.
  • –  Don’t open any new credit cards or charge accounts.
  • –  Don’t switch jobs during the process.
  • –  Keep all your accounts current and pay your bills on time or early.
  • –  Make sure to keep your current mortgage payments paid and up-to-date.

Most lenders these days pull a new credit report and do new verificatons of employment just before the closing.  Any substantive changes in any of your accounts or employment may jeopardize your ability to obtain the mortgage for that perfect Portsmouth NH home or condo you’ve been working
hard to buy.

Be prepared and plan ahead, and your home buying and mortgage experience will be a happy positive one!

Are you thinking about making Portsmouth New Hampshire your home?  Call me today at 603-431-1111 x 3839, or send me an email, and let’s talk real estate!

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Would you like information on the Portsmouth New Hampshire real estate market? Do you have questions about the buying or selling process? Give me a call at 1-888-349-5678 x 3839 or send me an email and let’s talk real estate!

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