There's no way around the paperwork involved in a home purchase. Here's what you'll have to give the lender -- and what the lender must give to you.Purchasing a home requires more paperwork on both the buyer's and lender's sides than any other transaction you'll make. In this chapter, we'll show you how to get a head start by getting prequalified or preapproved for you loan, what you can expect lenders to ask you and what you should ask them. We'll also explain all of the paperwork you must assemble for the lender and what documents the lender must provide you under the law.What you can expect to learn from this chapter:Prequalified or preapproved borrowers have an edge Getting prequalified or preapproved for a mortgage will make you more attractive to sellers, and you'll save time once you've found the house of your dreams.Questions to expect from mortgage lenders There are seven areas of your financial life that lenders will be asking about. Here are the questions they're likely to want answers to.10 questions to ask your mortgage lender Your lenders have had their turn. Now it's time for you, the buyer, to ask them these questions about your mortgage.Necessary paperwork for a buyer Lenders want proof of your assets, income, credit quality and a sales contract if you've found the house you want.The good-faith estimate The good-faith estimate is required by law to inform you of all of the fees due at the closing.Other lender paperwork The Truth in Lending Act statement and other information has to be disclosed to you by the lender within three days of your application for a loan. advertisementRelated Links:Mortgage insurance tied to great rate5 tips for buying a foreclosed homeA successful MHA refiRelated Articles:Mortgage mods for profitFind the best mortgage rateAppraisal code chaos
There's no way around the paperwork involved in a home purchase. Here's what you'll have to give the lender -- and what the lender must give to you.
Purchasing a home requires more paperwork on both the buyer's and lender's sides than any other transaction you'll make. In this chapter, we'll show you how to get a head start by getting prequalified or preapproved for you loan, what you can expect lenders to ask you and what you should ask them. We'll also explain all of the paperwork you must assemble for the lender and what documents the lender must provide you under the law.
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