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Macomb County MI real estate blog

Thinking about buying a home soon? Start your papertrail now for your mortgage – Advice for Macomb County MI home buyers

July 26th, 2010 · No Comments · fha mortgages and first time home buyers, mortgages in michigan, tips for home buyers

Normally when people think about buying a home they start out searching for homes on the Internet. They have their wish list and must have list in mind, they have a good idea about what city they want to reside in, and they have a bit of an inkling of how much their new home will cost.

One thing though that many of my home buyers forget to do before starting the purchase process is to think about the paper trail that is needed for their mortgage lender.  This paper trail is the most important thing you can do prior to your home search.

Applying for a mortgage is one of the most challenging things for my Macomb County MI home buyers whether they are first time home buyers or repeat home buyers.  Even if you have purchased a home within the last 5 years applying now is so much different.  The mortgage rules have changed tremendously and the best thing you can do is be prepared.

When you first start to consider buying a home please start saving the following :

  • Pay stubs
  • Income tax returns
  • Bank statements
  • 401K statements (or IRA, or other form of retirement savings)
  • Documents pertaining to paid off loans or credit cards (proof that you paid them off)

Keep everything in a file so it will be handy for you to photocopy them to give to your mortgage lender when you formally apply for the loan.  All mortgage products (FHA, VA, Conventional, MSHDA, etc) will require a complete papertrail of your financial history and current status.  Having updated paystubs as well as current banking statements will give your mortgage officer a complete package to begin the process.

As always, if you have any questions about what you should do prior to purchasing a home in the Metro Detroit area feel free to give me a call or send me an email. I would be happy to answer your questions, no pressure, just conversation

~Kris Wales~ A partner for your real estate needs in Macomb County MI
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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.