Taking Out a Mortgage Basics
Applying for a mortgage can be very stressful, especially in these challenging 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. 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 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. 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. Details are important in every industry, whether applying for a mortgage or looking for the best in business software coupons. 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. Take your time filling out the mortgage application, because mistakes will cause delays. 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.
Your loan officer will ask you to give copies of current bank statements and pay stubs to support the information on your application. 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! Be sure your pay stubs are current within 30 days, and that they reflect an accurate picture of your current income. 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.