If it’s your first time getting a mortgage, then things can be a little complicated. Most of the time we spend time looking for a mortgage broker but haven’t prepared the requirements. If this is currently happening to you, then you might want to pause for a bit. Although you can always multitask, you must take one step at a time for your dream house.

So with all the things said, down below are some of the important things that you need to check and prepare before seeing the online mortgage broker.

Your Proof of Income

One of the important documents that you will be presenting is your proof of income. You need at least a copy of your payslip or a W-2 wage statement. In this document, it should show your salary flow for the last 2 years.  aside from the salary, it should also include some of your monetary incentives, tax returns, and your bonuses.

A Good Credit Standing

Another thing that you will also need to get your mortgages to be approved immediately is a good credit standing.  In other types of loans, you need at least to have a FICO score of 680 above to get approved. However, for mortgages, you need to have at least a score of 760 and above.

Once you have this document, the mortgage broker can immediately how much amount you can loan for your dream home.  If you want to have lesser interest on your mortgage, make sure that you have a higher FICO standing. That way, you can loan a higher amount and with lesser interest.

Your Proof of Assets

Another important requirement that you should accomplish is your proof of asset. Mortgage companies need to check if you have other assets in your possession. They will ask for your bank statements, cash reserves, and other assets that you have under your name.

Proof of Employment

This process is very important because they want to know if you really have a regular stream of income. This will assure them that you can pay your mortgage monthly. Usually, they would call your employer and other co-workers in your company.

If you happen to be self-employed, then you might have to submit an additional document to prove that you have a stable income. They will ask for you about your nature of work and its location, the average income of your business per month. Aside from that, you might have to provide a tax return document dated from 2 years up to the present.

Proof of Identification

Lastly, you’re the most basic requirement is your proof of identification. Lenders do require that you present a valid ID and your social security number. This is to prove your identity. Your IDs also provide your basic information like the address, phone number, and many more.

Once you have this list, rest assure that things will go smoothly with your mortgage broker. Who knows, you might just get your mortgages loan faster than you expected it to be.