Buying a Toledo home?
5 Documents to Expidite Your Loan

Attention Toledo home buyers, have your documentation in order.

Toledo home buyers information from LendingTreeNo, this isn’t a military checkpoint, its what will help you streamline your home buying process.  The good folks at LendingTree shared a recent survey of the lenders in their network and learned that 64% report the timeline for loan closings has increased. Part of this increase can be attributed to record-low rates driving borrowers to seek to refinance their mortgage.

According to the report, refinance loans take an average of about 45 days to close while purchase mortgages require slightly less time.

What this means for Toledo home buyers is be prepared as soon as possible with the correct documentation so your loan application will process without delays.

Toledo home buyers may not be aware of the documents required so I’ve included the LendingTree outline of the top five documents prospective Toledo home buyers seeking a mortgage should have on-hand before entering the loan process.

Top 5 Documents Needed for Loan Processing

1.       Copies of W-2 Forms or Federal Tax Returns from the past two years
2.       Most recent year-to-date pay stub for proof-of-income
3.       Updated statements for any loans or outstanding debt
4.       Bank and asset statements for the last three months.
5.       Updated Credit Report

“Obtaining a home loan can be an overwhelming process,” said Doug Lebda , founder and CEO of LendingTree.  “Doing the groundwork before entering the loan process will allow for a smoother transaction with less frustration. Although lenders are flooded with volume, borrowers who come to the table prepared will increase lender efficiency and will allow for a shorter closing timeframe.”

You can find additional information on Toledo home buying and what comes next after your offer was accepted on my site toledorealestateguys.com

 

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