How to start your Mortgage

I wanted to start this blog with helpful hints to start your mortgage. Information you will need to have ready, common questions to ask, and what to expect as the next step. At this point you have found the perfect home that fits your pre qualified budget. It is time to start the mortgage application process. You should be in contact with your loan office and set up an appointment. At your appointment you will need the following information for all applicants applying for the home loan:
* 2 most recent years complete tax returns with all schedules and w2’s/1099’s
* 2 most recent year to date pay stubs
* 2 most recent bank statements all pages (even if they appear to be blank) for all accounts- checking/savings, IRA, mutual funds
* copy of photo ID or driver’s license for all applying
* copy of current house payment i.e.- rent payment/current mortgage
* if applicable, copy of awards letter’s for retirement/pension
The above basic information will be a great start to your mortgage process. When you take your loan application to your mortgage broker, this is the time to ask for a good faith estimate and a truth in lending. These 2 items are important as they will break down the fee’s you’re paying to secure the mortgage. This is when you will discuss your loan options 15/20/30 year fixed mortgage, down payment options, and closing cost options. All of this can be done during the application process so that you, as the buyer, have NO surprises! During the application you will also complete many state and federal forms required to start the process- get your signing hand warmed up. This is the time to ask about turn around times from your mortgage broker:
*turn around time from application to the lender/underwriter
*turn around time from underwriter to approval
*time frame to order an appraisal and title
These questions can give you an idea of what time frames to expect during this process.  Each lender is different.

Posted on May 7, 2012, in Finance and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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