Prior to applying for a loan, you’ll need several items, including pre-approval information (if applicable), the ratified sales contract, earnest money and a home inspection report.
A ratified sales contract is proof that both buyer and seller have agreed on the final purchase deal. It serves as the final contract subsequent to the purchase agreement and any counteroffers. This contract specifies the amount of your down payment, the purchase price, the type of mortgage you’re seeking, and your proposed closing and occupancy dates.
When you visit your lender, you’ll need to complete a Uniform Residential Loan Application. This document asks detailed questions about you, your income, your assets and liabilities, your credit history, and the property you plan to buy. Check with your lender about the additional documentation you’ll be required to supply, which can include paycheck stubs, tax returns, bank account statements and other articles.