Troy Stavros, Broker and Partner with the 865 Real Estate team stated, “While there have been rumblings that the guidelines for qualifying for a mortgage in Knoxville may get a little more lenient this year, buyers still need to start the process with the basics.”
The following are the Top 10 documents an individual must have ready in order to apply for a mortgage:
1. Driver’s License
2. Secondary ID (could be a passport or social security card)
3. Most recent paystubs for a 1 month period (for salaried or hourly employees)
4. W2 forms for the past 2 years
5. Signed federal tax returns (all pages/schedules) for the last 2 years
6. Most recent bank and asset statements for the last 2 months
7. Fully executed contract on the Knoxville real estate being purchased
8. If refinancing, a copy of the deed on the subject property
9. Name, address, phone number of landlord (if you are currently renting)
10. Name, address, phone number of the title company or attorney handling the closing.
Stavros concluded, “If you are thinking of buying a home in Knoxville, get your documents in order so you can obtain a pre-approval prior to shopping. This will allow you and a potential seller to know that you have the ability to buy the homes you are viewing.”