Be Prepared To Apply For a Mortgage

Starting the mortgage application process can be stressful, especially when you’re in uncertain economic times.  Mortgage guidelines frequently change, and it seems that no matter what you do, your loan officer seems to want more and more documentation.   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!

As business professionals, it’s not uncommon to be focused on details.   Economizing in the office by searching out business coupon is just one aspect of the detailed mind looking to save money.  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.   First, you will fill out a mortgage application that asks for all the important information needed to process your loan.   You will be asked your name, address, Social Security number, birth date, and other pieces of personal information.   Be exacting.  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.   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.  We cannot stress enough the importance of making sure that you provide everything you’re asked for during a mortgage transaction.   By making sure you have everything at the outset, you will make the process go as quickly and easily as possible.