If you're thinking about buying a home this year, the right time to get these documents in order is now, since you'll need the majority of these documents when you are preparing your taxes. Having your finances in order is something that you should probably do all year round but we all know most people leave it for last minute.
Obviously you'll also need to see what your credit score is like and if it's not good, now is the time to improve it. Having too much debt on your hands will also affect the loan amount you'll qualify for. This is why getting all your debt information is important, figure out how much you're actually paying every month in bills, some of these bills may even be tax deductible.
Just remember, most of the documents you need to prepare your taxes are the same ones we'll need to see as your mortgage lender, so keep a copy for us!
- W-2 forms from the previous two years, if you collect a paycheck.
- Profit and loss statements or 1099 forms, if you own a business.
- Recent paycheck stubs.
- Most recent federal tax return, and possibly the last two tax returns.
- A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances.
- List of assets, including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements and records of other investments or assets.
- Canceled checks for your rent or mortgage payments.
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