Owning a home is the American dream, but it takes a bit of work to actually make that dream a reality. What’s the hardest part about buying a house? No, it’s not finding something in a great neighborhood that ticks off all the check marks on the list of things you want (though that can be tough, too); it’s going through the mortgage process.
When you’re applying for a mortgage, you’re going to need to supply lenders with a lot of information. Knowing what type of info you need to provide so that you can gather it beforehand will definitely make the process easier. Here’s a look at some of the key details a lender will expect:
- Date of birth
- Social security number
- Employment history
- Debt-to-income ratio
- Credit score and credit history
- Details about your current home (whether you rent or own, how much you pay, how long you’ve lived at your address, etc.)
- Banking information
- Details about your assets; retirement accounts, Certificates of Deposits(DCs), bonds, stocks, etc.
- Details relating to the property you own, such as homes, furnishings, vehicles, jewelry, artwork, collectibles, life insurance, and so forth.
Gather this information before you apply for a mortgage so you can furnish it when it’s requested.