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What your home loan lender will need from you

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Do you want to buy a home? If you need a home loan to do so, you will need to obtain a mortgage lender's pre-approval of your financial qualifications. The lender's pre-approval should be in writing before you make a purchase offer. Most lenders will need the following documents:

- Two most recent pay stubs,
- Last two years' w-2s and/or 1099's,
- Last two years' federal tax return with all pages and corporate returns,
- Two most recent consecutive months' bank statements for all asset bank accounts,
- For borrowers with corporations, a "profit and loss" statement for the business.

This may seem like a burdensome amount of documentation. It is! That is because you are borrowing hundreds of thousands of dollars from a third party. Unfortunately, the bank cannot just take your word for it that you will be able to pay that huge amount back. They will want to go over your finances with a fine-tooth comb.

Here's some good news. Assembling all this paperwork will make it much easier and quicker to shop in advance for a loan and and lender. So, if you are thinking of buying property in the near future, now is a good time to put all your financial records together.

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