What You Need to Know Before You Apply For a Mortgage
Starting the mortgage application process can be stressful, especially when you’re in uncertain 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, your loan processor will love you!
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. By taking the detailed money-saving eye and applying it to your mortgage application, you will guarantee a smoother process.
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 accurate! Don’t rush filling out the application, because mistakes can cost valuable time. You must also supply your 2 year job history, as well as at least a 2 year residency history. Additionally, you should be prepared to detail your various financial reserves, your credit obligations, and any additional mortgage obligations. 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. Take care to 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. We cannot stress enough the importance of making sure that you provide everything you’re asked for during a 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!