Home Buying Tips for Anyone | Lead Bank

Jul 22, 2021

Are you thinking of purchasing a home?  Make sure you are ready to work with a banking partner that you are comfortable with.  To prepare for your first meeting with a lender, here are a few tips:

Know your budget

  • Have an idea what you would like to pay for your new home, or an idea how much you are willing to pay per month.
  • Determine how much money you are willing to pay toward a down payment and closing costs.

Gather the documents a lender will need:

Identification – The bank needs to know who you are

  • Government ID for all borrowers
  • Know your personal information (previous addresses if lived in current residence under 2 years)

Income – The bank needs to know how you plan to pay each month

W-2 employees:

  • 2 year’s W-2s
  • 3 months paystubs

Self-Employed or 1099 worker:

  • 2 years’ tax returns
  • Up-to-date income statement and balance sheet for self employed
  • Most recent paychecks or paystubs if 1099

Assets – The bank needs to know where your down payment and closing costs will come from

  • 3 Months’ bank statements
  • Statements for any other large balances that may be available
  • Gift Letter – If the funds used for initial payment will come from someone else, a gift letter is needed

Find the right lender

  • Don’t be afraid to ask questions, or walk away from a lender or institution that does make you feel comfortable.  You want a lender who will be your partner.  Look for a person who is open to answer questions about any mortgage terms you are unfamiliar with, and who is excited to help you reach your goals. 


Are you a Veteran looking to purchase a home? Check out this Complete Home Saving Guide for Veterans by the Inspection Support Network. 

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