13 Documents Mortgage Lenders Need From Homebuyers

One of the changes brought about by the foreclosure crisis was a realization that, before granting loans, lenders need to verify that borrowers can make their monthly mortgage payments.

That led to a number of changes in how mortgages are granted, including what is called the Ability to Pay Rule, which went into effect in January 2014. Borrowers now need to provide more documentation of income and assets so the lender can verify that you can, indeed, afford the house you’re buying with the mortgage you want.

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Down payment on a home: Just the basics

The down payment is the money from your savings that you give to the home’s seller. The rest of the payment to the seller comes from your mortgage.

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Your First House: 13 Tips for Saving and Buying

The advantages of home ownership are many: building equity; tax deductions; the promise of appreciating value; and having a place that belongs to you. With mortgage rates at historic lows, this is an opportune time to take the big step. But first, make sure that homeownership is right for you. If you plan to stay in the home for at least five years and your monthly nut will not exceed 43 percent of your income, the federal Consumer Finance Protection Bureau says you can give yourself the “go” sign.

These 13 steps can help smooth the home-buying process and keep you from becoming house poor.

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