What You Need to Know Before You Apply For a Mortgage
Applying for a mortgage can be very stressful, especially in these challenging economic times. Guidelines in the mortgage world are in constant flux, and sometimes it seems like your loan officer won’t stop requesting new documents. If you’re able to gather all the documents ahead of time, and keep copies at home in case papers are misplaced during the loan process, you will find that things go much smoother. And I don’t need to tell you that your loan processor will be grateful!
It’s not uncommon for business professionals to be hyper focused on details. Whether you’re looking for new ways to economize by hunting down business coupon or finding other ways to save money, you’re detail-oriented. Whether you’re looking for business software coupons or putting together your mortgage application, details are vitally important. Applying that same detailed focus to your mortgage paperwork will ensure a smooth process for everyone.
Let’s go through the various documents needed for a standard mortgage application. The first step is to fill out a mortgage application that will contain all the vital information used to process your loan. You will be asked your name, address, Social Security number, birth date, and other pieces of personal information. Be accurate! Don’t rush filling out the application, because mistakes can cost valuable time. You’ll also be asked for a 2 year job history, and a 2 year residency history. Finally, you’ll be asked to detail your current financial accounts, your current credit obligations, and any mortgage obligations you currently have. Much of this information can be automatically populated from your credit report.
You will be asked to provide bank statements and pay stubs to support your assets. Be sure that you include every page, no exceptions! Even if you don’t think it is important, a lost page will be requested; loan underwriters are sticklers for detail! Pay stubs need to be current, issued within the last 30 days. It cannot be said enough that you must supply all information requested to complete your mortgage transaction. By doing this, you will ensure a quicker and easier process, and one that does not make you want to tear your hair out in frustration!
