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Mortgage Bits: What do you need to get Approved? Income Documents
Posted by Top Home Loans in Credit Information, General Banking, Mortgage Advice on November 8, 2009
When thinking about getting a mortgage, most people assume that an approval depends on how much they have in the bank or their credit rating.
Although these items do have an impact, they are not the most critical items to the approval. The most critical item is your annual income.
Why? The bank is uninterested if you have the money to pay off the mortgage; however, they are interested in your ability to make the minimum monthly payments each month. They are also interested in ensuring that you have a guaranteed annual income.
So, what do you need for the bank to verify this?
The best way to ensure the bank has everything they need to approve you is if you provide your most recent pay stub and your last 2 years tax assessments; however, keep in mind that some banks may request more while some banks need less documentation. Make sure you have this as a minimum at all times.
Has your bank asked you for anything different? What process did you have to go through for your mortgage?
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