You know when sometimes you make your own life harder than it needs to be? My husband and I are mid-refinance on a house we own. I tell you...this stuff didn't use to be this difficult. In addition to all the papers that you have to sign, you'll also have to open up your entire financial life to be investigated.
If you are thinking of buying a house in the semi-near future, start getting your ducks in a row and be prepared for all the things that will be asked of you. Here's what I've had to provide (so far...)
- copies of drivers licenses
- copies of retirement account statements
- copies of bank account statements
- tax returns
- leave and earnings statements
- W-2s (wait, aren't these in the tax returns? whatever.)
- leases on rented houses
- mortgage statements
- homeowner's association statements
- insurance papers
- verification that the deposit "from certificate" was actually a deposit from a matured certificate of deposit
The reason I share this is to make sure that you are prepared for the fun of getting a mortgage. Thankfully, it is 2014 and for most of us, this stuff is available online. For me, the hardest part was remembering how to copy an entire webpage (and thankfully, I have a handy father-in-law just across the room.)
If you've previously obtained a mortgage, you might be surprised at how much more complicated the process has become in the last few years. It is nowhere near as easy as it used to be.
A mortgage is a necessary nuisance for most of us who want to own a home. That doesn't make the process any more fun. Being prepared for the aggravation will make it a lot less painful than being surprised when those "we need this" emails hit your mailbox.
Happy house hunting, and happy mortgage hunting!