Starting the mortgage application process can be stressful, especially when you’re in uncertain 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. 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!
It’s not uncommon for business professionals to be hyper 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. 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. Some of the items you need to supply are 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. 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! Be sure your pay stubs are current within 30 days, and that they reflect an accurate picture of your current income. We cannot stress enough the importance of making sure that you provide everything you’re asked for during a mortgage transaction. By making sure you have everything at the outset, you will make the process go as quickly and easily as possible.
