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Are You Buying a New Home?
If you’re thinking about buying a new home in Illinois, you will likely need to get approved for a real estate loan. Whether you are a first-time home buyer or searching for your retirement dream home, getting approved for a loan will be a major part of the process.
Getting approved for a home loan can be a complicated and lengthy process. Your lender will require important personal and financial information to qualify you for the loan. Specific documents will be required to prove your identity, income, and credit history, so your lender can make sure you can keep up with your monthly mortgage payments and household expenses.
Proof of Identity
* Current driver’s License
* Secondary ID – social security card or passport
Proof of Employment
* Most recent pay stubs for up to 30 – 90 days (W2 salaried and hourly employees)
* Last two years of W2 forms from employers that document earnings and employment history
* Last two years of signed Federal tax returns with all pages and schedules included
* If you’re self employed, additional employment information may be required by the lender
Credit History and Finances
* If you’re currently renting, the name, address and phone number of your landlord
* Most recent bank statements for up to 90 days
* Profit and loss statement showing assets and debts for up to 60 days
* A completed purchase contract signed by the buyer, the seller, and real estate agents
When you’re looking to purchase a home, a licensed real estate broker can provide many helpful services. He/she can help you through the entire loan process from making a suitable offer to the seller to closing the final sale. Many real estate agents and brokers are state notaries, so they can help with important documents and papers that must be notarized during the loan process.
If you’re currently working as a real estate agent or broker, you can become a notary in Illinois and increase valuable services to your clients. Since notarized documents are required in all types of real estate loans, becoming a notary would provide added convenience and speed through the loan process.
