How to Complete a Mortgage Application
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Finance > Mortgage
Jun 20, 2007
arsen1
How to Complete a Mortgage Application
Once you have decided to purchase your dream home and have selected a mortgage lender, it is now time to fill a mortgage application. Most people would wonder how to complete a mortgage application. It is not that difficult, once you have all the information at hand. There is a Uniform Residential Loan Application widely used in the mortgage industry. This is filled during the initial interview. When you submit this application, you will be required to pay an application fee, credit report fee and the appraisal fee. Checklist for a Mortgage Application There is certain information you will need before completing your mortgage application. If you are married, your lender will need personal, employment, and financial information of you and your spouse. The following is a checklist of all the relevant documents your lender will require to process your mortgage application: 1. Income Verification - If employed: Latest pay stubs, W-2 forms, and tax returns for the past two years - If self-employed: Profit and loss statements and tax returns for the current and previous two years - Additional income - Social security, overtime bonus, commission, interest income, and veteran's benefits, etc. 2. Asset Verification - Address of your bank branch, list of bank account numbers, checking and savings account statements for the previous 2-3 months - List of savings bonds, stocks or other investments and their approximate market values - Copies of titles to any motor vehicles you own 3. Purchase Information - Copy of the purchase contract - If you made a deposit to the seller to show your seriousness about buying the house, you need to attach a copy of canceled deposit check on the house 4. Your Debts - Consumer debts, such as car loans, furniture loans, student loans and other personal and cosigned installment loans detailing creditor addresses and phone numbers - Credit card bills for the last 2 or 3 billing periods - Evidence of mortgage payments, or rentals - Copies of alimony or child support Your ability to make payments on your mortgage will depend largely on your credit report. It would be better to have a good clean credit report before applying for a mortgage. It would be an apt substitute if you do not have enough credit history with canceled checks for rent, electricity, water, and other recurring obligations to show in payment history. You will need to have all these documents at hand to help you speed up the mortgage application process.
Read our tips on how to lower a mortgage rate: http://www.mortgage-lounge.com/tips-lower-interest-mortgage.html and consider mortgage refinance to reduce your long-term home loan http://www.mortgage-lounge.com/home-mortgage-refinance.html.
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