Never inflate your income or lie about employment dates. Not only is it illegal to falsify documents, itís also a federal offense! And lenders can usually catch people who lie or greatly exaggerate information on their applications. If you lie, you will most likely get what you were trying to avoid all along, a denial for your loan.
Many mortgage applicants who do not fit the conventional loan programs offered by neighborhood banks opt for the services of mortgage brokers. Most experienced mortgage brokers have working relationships with different lenders that specialize in making mortgage loans for home buyers with bad credit or no credit history, unable to document their income or to provide employment information, or needing high loan-to-value financing.
When you apply for a mortgage online, you can streamline many of the initial steps of applying for mortgages. Apply for a mortgage online if you want to expedite the process, which in many cases can be completed in a couple of weeks online as opposed to possibly months when you apply for a mortgage in person at the bank.
When applying for a mortgage you should start to get all of your financial paperwork in order. You will need 2 years worth of W-2s or tax returns, recent pay stubs, and any other asset information. Your mortgage consultant will tell you exactly what paperwork is needed for your particular mortgage program.
When applying for a mortgage you will need to provide all information required to qualify for a loan. Having a complete and accurate application will speed up the process and increase your chances for approval and better terms.
You will need to allow an appraiser into your home for most mortgage transactions. Answer the phone call from the appraiser and try to set this up as soon as possible because this is usually the longest part of the home loan application process. Be sure to point out things that have been remodeled, replaced and improved in your home to the appraiser because these may help to attain the best appraisal for your home which may help you with your mortgage financing.
Within 3 days of application your preferred mortgage professional is required to deliver to you a Good Faith Estimate of charges. This is important because it may be the first time your have your proposed rate, term, and fees in writing.
Apply for a mortgage - Applying for a mortgage can be done as easy as 1, 2, 3. Mortgage application can be done in person, over the phone, online, or through email or fax. When you are applying for a mortgage be as truthful and honest as possible. This will help to insure a smooth and pleasant mortgage experience.
The process will go smoothest when referencing these documents.
Federal income tax statements and verification of any additional income
Your two most recent W2ís.
Current paycheck stubs
Recent bank statements
Asset and liability information (stocks, bonds, other real estate, etc.)
After you apply for a mortgage you may contacted by your loan officers loan processor. The loan processor works in tandem with your mortgage broker to submit you loan to the lender. The processor will also assist with collecting and extra information that may be needed for you loan file.
Before talking to your mortgage officer, take a few minutes to gather information regarding your current mortgage payment (if you have one), yearly taxes, insurance payment, and current employement information such as monthly or yearly income.
When you apply for a mortgage, you may feel that the amount of information and documentation you are asked for is overwhelming. Remember that you are asking a company to loan you thousands to hundreds of thousands of dollars. That company will want to know you and your financial situation well before giving you that loan.
Sometimes your mortgage professional will give you a list of documents needed and nothing else will be needed before your loan closes.
Often, however, more documents will be required by the lender. When these are requested, please submit them promptly. Any delay can delay your loan.
When applying for a mortgage you will need to supply information on your employment for the past two years and where you have lived for the past two years. If there are any gaps in employment be prepared to write a letter explaining the situation. If you are currently renting you will need to supply 12 months proof of paying your rent on time - though you may want to wait to contact your landlord until you are actually in the process of purchasing a house.
It is very important to know who your dealing with. Are you applying with a direct lender or a broker? Each side has its advantages and disadvantages. Make sure you completely understand the loan process and are comfortable with who you work with.
When you apply for a mortgage online, be prepared to email, fax, or mail in your supporting documentation. Applying for a mortgage is generally easiest if you have access to a fax machine or email account.