More than just real estate

Tips to Get Your Document Ducks in a Row

Buying a home can feel daunting, and it’s no surprise considering the amount of paperwork that goes into searching for a property and securing a loan. And if you’re trying to close on your home before the April 30th tax credit deadline, you might be just a little overwhelmed with so much happening so fast (especially during tax season!).

Read on for ways to keep your sanity when it comes to tackling the necessary home-buying paperwork:

“Buying a new home does create quite a paper trail, which can be overwhelming for first-time and repeat buyers alike,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. “Enlisting the help of a Realtor, mortgage specialist, and other professionals can make it easier to navigate and organize the material that really matters.”

Consider the following pieces of paperwork advice:

Getting started. Much of the paperwork you will need to gather is personal information from the recent past. You’ll need tax returns or W2s from the past two years, a recent pay stub, asset statements, and employment history. Provide ample time to request documents from the source and check them for accuracy. Also keep in mind that first-time and veteran buyers are eligible for special tax credits until April 30, but certain criteria apply that impact just how much of a credit you can score. Know where you stand.

Streamline and simplify. Even before you start pounding the pavement, you will accumulate listing sheets, snapshots, and contact details, among other information on prospective new homes. Start a house hunting file that separates the material into easier-to-sample sections, such as “Need to Visit,” “Potential,” and “No.”

File it away. The process of filing for a loan brings a great deal of paperwork, from tax information to estimates to sundry mortgage documents. It is essential to make copies of everything while staying organized. Find a safe, yet accessible, place to store all the information over the short and long term.

Leave a Reply

Powered by WordPress