Mortgage application checklist
June 22, 2017
You’ve decided that you’re ready to buy a home. You’ve shopped around for the best mortgage and lender for you. And now you’re ready to go ahead and apply for the loan. As in, this is serious!
The shopping around is the hard part. As you can guess, actually applying for a loan (step 2 of the 8-step mortgage process) mainly involves providing a lot of paperwork that demonstrates your ability to pay it back. Like information about your employer, your income, and your assets.
To help you get ready, here’s a list of the documents that each person whose income you want to be considered will, or might, need for the mortgage application. It’s a pretty comprehensive list, but just in case, ask the lender whether you need to submit anything else.
Your reward: preapproval
After you turn in your loan application, the lender will do an extensive check on your finances and credit record. If everything checks out, the lender will state the exact amount they’re willing to loan you. This “preapproval” is good for a set amount of time, usually 60–90 days.
And then? You’re ready to shop for your home knowing just how high you can go for the right place. Good luck!
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Filed Under: For Homebuyers