The first thing any potential homebuyer needs to do is get a sense of his or her buying power. In her book “Get a Financial Life: Personal Finance in Your Twenties and Thirties” (Simon & Schuster, 2009) finance writer Beth Kobliner outlines the paperwork to get in to apply for mortgage preapproval.

INCOME

Employer’s name and address

Job title

Date hired

Federal tax information

Salary

Bonuses

Average overtime or commissions

Employment history (last two years)

ASSETS (Total Sums)

Bank (including savings, checking, money market accounts)

CDs

Mutual Funds

Stocks

Bonds

Other investments, including real estate

Retirement accounts

Cash-value life insurance

Automobile(s), including year bought and current value

Gifts expected from friends or relatives

DEBTS AND EXPENSES (current balances and monthly payments on)

Credit cards

Student loans

Rent

Car loans

Other loans

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