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Your
Initial Meeting With a Mortgage Professional |
The loan approval process generally begins with an initial
interview where you and the mortgage professional meet
to discuss the potential loan. You will need to bring
information to verify your income and long-term debts.
You
may prefer to meet with the mortgage company before house
hunting to determine in advance how much you can afford
and the mortgage amount for which you can qualify. This
step is called pre-qualification and can save you time and
trouble by making certain you are looking in the correct
price range.
To
complete the 1003 Mortgage Application (.pdf), you will
need to gather:
-
A purchase contract for the house (if you have one)
-
Your bank account numbers and the address of your bank
branch, along with checking and savings account statements
for the previous 2-3 months
- Pay
stubs, W2 withholding forms, tax returns for two years,
or other proof of employment and income verification
-
Credit card bills for the past few billing periods, or
canceled checks for rent or utility bill payments, to
show payment history and amount of revolving debt
-
Information on other consumer debt such as car loans,
furniture loans, student loans and retail credit cards
- Balance
sheets and tax returns, if you are self-employed
-
Any
gift letters, if you are using a gift from a parent
or relative or other organization to help pay the down
payment and/or closing costs. This letter simply states
that the money is in fact a gift and will not have to
be repaid.
Having these items on hand when you visit the mortgage
company will help speed up the application process.
Usually an application fee and the appraisal fee will
have to be paid when you submit the mortgage application.
After the initial meeting with the mortgage company,
you should have a general idea if you qualify for the
size and type of loan you want. After the mortgage application,
the mortgage company should let you know if you qualify
for the loan within days.
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