Thinking of buying a home. Is this your first home or has it been awhile since you purchased a home? Either way you can get a jump start on the process by doing a few things in advance.

To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). This will include work address, phone number,and contact person who can verify your employment. They will also need information regarding all your debts and assets.

In order to expedite the paperwork process, start gathering the following items:

• Most recent pay stubs for the last month or 30 days.
• W2’s from the last two years.
• Signed copies of your last two years tax returns, including all schedules that were filed.
• If you are self employed, a year to date profit and loss statement.
• Most recent bank statements (all pages) for two months.
• Most recent bank statements from any retirement and investment accounts for two months
• If divorced, the divorce decree
• If paying alimony or child support, the divorce decree

You may want to get a copy of your credit report to see were you stand. The costs associated with getting your mortgage rate can depend on your fico score (score given to you by the credit reporting agencies based on your credit habits). Knowing this in advance can help determine if you will be able to qualify for a loan or if you need to fix items on the credit report. An experienced mortgage professional can help you with this.

Upon knowing your credit status and having gathered the information above, you are in a position to get pre-approved (see my post under Home Finance Tips “Pre-qualification or Pre Approval?”). You will need to find a mortgage professional (see my post under Home Finance Tips “Shopping For Rates Loan Officer in Ventura County”) who will help you with this process. Upon getting pre-approved you are ready to work with a Realtor to help locate property to show you. Ask your lender, family members, or work mates for a recommendation for a Realtor. If the Realtor has done their job then they will be in a position to be referred to you.

As always work with a mortgage professional to make this process a smooth transaction.