Knowing what’s involved in the mortgage application process can make things a lot easier. Here’s some information to get you started.
Before you apply
Do some homework before you apply for a mortgage. Think about what type of home you want, what your budget will allow, and what type of mortgage you might seek.
It can be a good idea to obtain a copy of your credit report, and make sure it’s accurate.
Free Credit report: www.AnnualCreditReport.com
What you’ll need when you apply
Be prepared to provide with information about you (and, at some point, about the house you’ll buy) to determine your loan eligibility. We will provide you a list of what is needed, but here is a general idea to help you prepare:
- Pay stubs for the last month
- Bank Statements for the past three months
- W-2’s for the last 2 yrs and tax returns
You’ll sign authorizations that allow the lender to verify your income and bank accounts, and to obtain a copy of your credit report. If you’ve already made an offer on a house or condo, you’ll need to give the lender a purchase contract and a receipt for any good-faith deposit that you might have given the seller.
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