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.