Know Before You Go: Applying 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. By getting all the required documentation in place ahead of time, and making copies in case of disaster, you can ensure a smooth process. And, your loan processor will love you!
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.
There are a few documents you must have 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 exacting. Take your time filling out the mortgage application, because mistakes will cause delays. You’ll also be asked for a 2 year job history, and a 2 year residency history. Additionally, you should be prepared to detail your various financial reserves, your credit obligations, and any additional mortgage obligations. Most, if not all, of your credit and mortgage information can be taken directly from your credit report.
You will be asked to provide bank statements and pay stubs to support your assets. Take care to include every page, no exceptions. If you lose a page, or skip one, you will be asked to provide it. 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 making sure you have everything at the outset, you will make the process go as quickly and easily as possible.
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