When you are planning to buy a home and need a mortgage, a conventional loan is one of the most common types of financing available. Make sure that you bring all of the necessary documentation when you apply for the loan.
Three Documents to Bring When Applying for a Conventional Loan
When you are considering the purchase of a home and are not paying cash for it, you will need a means of financing the purchase. Mortgage loans that are based on conventional loans in Las Vegas are a common way of financing the purchase of a house. When you head in to apply for the conventional loan, make sure that you bring these three pieces of documentation.
Proof of Income
You will need to bring proof of your income. This will include a pay stub and two of your most recent federal tax returns. If you work at more than one job, bring in a pay stub from each. If there is more than one adult applying for the loan, both people will need to bring these documents. These documents provide proof that your earnings will be enough to make the loan payments.
Social Security Card
Your social security number is used to run a credit check when you are applying for a mortgage backed by a conventional loan. A higher credit score means that you are a lower risk for defaulting. The higher your credit score, the lower the interest rate will be on your conventional loan.
Proof of Insurance
When you are applying for a conventional loan for the purchase of a home, the actual house is the collateral on the loan. In order to receive the mortgage, you are responsible for insuring the house. You will need to bring proof of homeowner’s insurance from a legitimate insurance company. The proof will need to be on letterhead and contain the contact information of the agent offering the insurance policy. The insurance of the structure will ensure that the loan can be paid off in case of a catastrophic event such as a fire.
Looking for a seasoned mortgage professional?
Derek Parent and his team of professionals have the experience and passion you need to make purchasing your next home as stress-free as possible. We’ve had the opportunity to work with a wide diversity of clients, so we’re ready for any situation!