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!