Like most people, you are likely to wait until submitting a purchase contract for a home before applying for a mortgage. Until then, you know not only the specific property you want, but also how much you need to borrow. At that time, the lender will require you to fill out a credit application and show specific information about your current and past financial situations.
The following list is a good starting point to gather the information you need:
Original purchase contract (the loan officer will make a copy and send the original to you)
Copy of earnest money (deposit) canceled check
Details of employment history
The last two years of W-2 forms
The last two years tax returns
Payslips for the last 30 days
Verification of income (for example, investment accounts, bonuses, part-time employment, child support or income from Social Security)
Assets: Account numbers, balances and branch addresses
Review
Savings
Stocks and bonds (current market prices)
Debt: Account numbers and addresses
Auto loan (s)
Boat loan (s)
Student loan (s)
Credit card
Other
Explanation of credit problems (for example, has previously declared bankruptcy, excessive credit card debt)
Divorce or separation documents (if you receive or pay alimony or child)
Landlord's name and phone number (if renting)
Disposition of present home (if you want to already have a house, sell it or rent it?)
Person who has access to the lender lender referees (name and phone number) to give
Check your assessment, credit report and / or loans (to inform your lender the cost) application fee
Pre-Qualification vs. Pre-approval, if at all possible, it is advisable to start the loan approval before you find the home of your dreams. Otherwise, you can hit a roadblock when you turned down for a mortgage, and the application. If the seller has other buyers waiting, or must sell quickly, you may lose your chance for the object.
There are two ways to avoid this scenario:
. 1) If pre-qualified for a loan: All you have to do is, to a lender, on asking you some questions about your financial status-base who offers an opinion of the loan amount you are entitled to borrow to speak. The lender does not require any documents to confirm what you say, and can change his mind, if you return a loan application. There is no fee for prequalification.
. 2) Be approved for a loan already: This process is complex and sometimes requires a fee. The lender will want to show information about your employment, income and debts, you're a good risk.
Obviously leads to the prior approval of the lender letter more weight with a seller of a pre-qualification letter because it proves that your buying power is on paper. Be pre-approved gives you an advantage if you are a real estate tracking between multiple buyers.
Pay off other loans.
If possible, you should pay high interest rates, ready before applying for a mortgage. Auto loans, credit card debt balances, plus or appearing on your mortgage application, be ready, plus the amount of the loan, the lender to offer.
Do not pull a Pinocchio!
Never inflate your income or lie about employment dates. Not only is it illegal to falsify documents, it is also a federal offense! And lenders can usually catch people who lie or exaggerate information on their applications. If you lie, you are probably wondering what you were trying to avoid all along, a denial of your loan.
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