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. By getting all the required documentation in place ahead of time, and making copies in case of disaster, you can ensure a smooth process. And, your loan processor will love you!
As business professionals, it’s not uncommon to be 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. First, you will fill out a mortgage application that asks for all the important information needed 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 accurate! 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.
You will be asked to provide bank statements and pay stubs to support your assets. Be sure that you 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. It cannot be said enough that you must supply all information requested to complete your mortgage transaction. By making sure you have everything at the outset, you will make the process go as quickly and easily as possible.