A version of this article originally appeared on CityhouseCountryhouse.com on March 19, 2019.
Apply for a mortgage while preparing your taxes
Nobody enjoys filing (or paying) taxes, but it’s something we all have to do. The good news is if you are thinking of buying a new home and need a mortgage, this is the perfect time of year to do both.
Many of the documents you need to collect are important for both tasks. The basic documents for applying for a mortgage are:
- The last two years:
- tax returns (1040’s)
- W2’s
- Bank account information (checking, savings, IRA’s etc)
- Most recent paycheck stubs (30 days)
Additional Mortgage documents
You will need a few additional documents for your mortgage that you may not need for your taxes. For example, you will also need:
- Gift letters if you are receiving money from family
- Photo ID
- Renting history & contact info (if you are a first time home buyer)
Money on the brain
While doing your taxes, it’s a great time to review your finances. You will have a clear picture of how you spent your money in the last year and be able to plan for the next year. You will be on your way to having a clear picture of what kind of home you can afford.
Need referrals?
I love your real estate referrals and I also love to send referrals to you!
I would be happy help connect you with a mortgage officer who can help get you on the road to home ownership! BHHS Chicago works with a wonderful company, Prosperity Home Mortgage. Contact me for a local referral to one of their great agents or a referral to another mortgage company.
Did you know…
- It’s never too soon to start the process
- If you start now and are delayed in purchasing all you have to do is update the most current information when you find the right home
- Comparison shop for a mortgage
- I recommend talking with more than one mortgage office to see who can get you the best rate
- Federal Taxes 2020
- Due to the Corona virus, payments are delayed until July 20, 2020
- https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
Have questions? Call or email me today!
Daina Jacobson is a REALTOR® with Berkshire Hathaway HomeServices Chicago who helps buyers and sellers navigate the real estate markets in Northern Lake County, Illinois, and southern Kenosha County, Wisconsin. Based in Wadsworth, Illinois, she specializes in homes with land, acreage properties, and homes served by private wells and septic systems.
Before entering real estate, Daina spent two decades working as a certified interpreter fluent in American Sign Language, a background that shaped her ability to listen carefully and guide clients through complex decisions with clarity.
When she’s not assisting clients, Daina devotes time to animal rescue as one of the co-founders of Two Furs Rescue. At home in Wadsworth she enjoys caring for her many animals, including cats, a dog, chickens, and ducks, while also planting and preserving native plants and trees around her property.