Mortgage Application Process
Before you search for a home, contact a lender. If you haven’t found one, research lenders online and ask family and friends about their mortgage providers. Consider choosing a reputable local lender, one that after some discussion, you feel can be trusted with intimate and personal information. You want a lender that will provide impeccable client services.
A thoughtful rule of thumb is to speak to several lenders and choose one that is the best fit for you and your purchase. After you have found a lender, it’s important to discuss your budget and available home financing options. Some lenders work specifically with certain types of real estate, so always ask plenty of questions. This process shouldn’t take more than 20 to 30 minutes and won’t cost you one cent until you’ve bought a home.
A well-grounded lender/buyer relationship is valuable, so try not to rush the process.
Lender will require documentation to complete your application
Be prepared to answer specific questions and provide supporting documentation before you set up an appointment with your lender. Listed below is a standard list most lenders will request.
- Employers Information – names, addresses, and telephone numbers of your employers for the past two years.
- Banking Accounts – three months of current bank statements. Also include investments accounts statements.
- Vital Records – be ready to provide birth dates and Social Security Numbers.
- Proof of Salary and Wage – your most recent pay stubs listing year-to-date earnings.
- W-2 Tax Forms – you will need at least two years of tax returns.
- Debts – disclosure of all debts and monthly expenses is necessary. Including reoccurring credit card debts, cell phone bill, auto loans, child support, etc.
There’s no need to worry or become over-whelmed, your lender will provide a thorough list of items required to complete the application process.