Applying for a mortgage can be very stressful, especially in these challenging economic times. Mortgage guidelines frequently change, and it seems that no matter what you do, your loan officer seems to want more and more documentation. 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!
It’s not uncommon for business professionals to be hyper focused on details. Economizing in the office by searching out business coupon is just one aspect of the detailed mind looking to save money. 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.
There are a few documents you must have 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 exacting. 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. Finally, you’ll be asked to detail your current financial accounts, your current credit obligations, and any mortgage obligations you currently have. 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! If you lose a page, or skip one, you will be asked to provide it. Pay stubs need to be current, issued within the last 30 days. 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.