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Mortgage Basics You Need to Know
25/02/10
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. 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. 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. Finally, you’ll be asked to detail your current financial accounts, your current credit obligations, and any mortgage obligations you currently have. 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! If you lose a page, or skip one, you will be asked to provide it. 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 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!
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