Getting a Mortgage

Amy Stockberger Real Estate Team

Getting A Mortgage in Sioux Falls | What You Need to Get A Mortgage

If you’re to think about buying a home for sale in Sioux Falls, you’ll probably need a mortgage. A home mortgage is a loan that allows you to borrow money to pay for the home you are looking to buy. A home mortgage loan can be facilitated by a lender. The lender could be a bank, financial institution or mortgage company. The lender borrows money, with interest, to the borrower. They will keep the title of the home until the money is paid back. Many types of home mortgage loans exist. One of the most popular is a first time home buyer loan.

One of the best things buyers can do is get pre-approved for a home mortgage loan. We discussed many advantages when you take the proper time to process a pre approval. Getting pre-approved gives you information about the price point for your budget. This allows you to narrow down your price range and options.

Checklist to Getting A Home Mortgage

  • Business forms: W-2 forms or business tax forms if you’re self-employed. Typically, the last two years are required.
  • Copies of at least one pay stub for each person signing the loan.
  • Account numbers of all your credit cards and the amounts for any outstanding balances.
  • Copies of three months of bank or credit union statements for both checking and savings accounts.
  • Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
  • Addresses where you've lived for the two years, with names of landlords if appropriate.
  • Copies of your most recent 401(k) or other retirement account statement.
  • Documentation to verify additional income, such as child support or a pension
  • All bankruptcy and discharge of bankruptcy papers (if applicable)

Over the years we’ve asked our clients what’s helped them the most for a hassle-free, fun experience. We listened to feedback and created a handful of programs to ensure your home buying or home selling process is the best possible experience. To back up our goal of being the best realtor in Sioux Falls, we created our One Roof Solution, VIP Club, Love it or Leave it Guarantee! To learn more about how we can help you, please give us a call or stop by today!