How much money do we really need to buy a home, and can we afford it? These are questions that real estate agents and mortgage professionals hear every day, and the answer is always the same—it all depends on many different factors.
Sheetal Sawhney, originating branch manager at CrossCountry Mortgage’s office in North Bergen, New Jersey, cites the three main things people will need in order to prequalify for a mortgage: income statements (W-2s or 1099s and tax returns for the past two years), a recent credit report, and a current asset list (bank and investment statements).
