Starting the mortgage application process can be stressful, especially when you’re in uncertain 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. Whether you’re looking for new ways to economize by hunting down business coupon or finding other ways to save money, you’re detail-oriented. Details are important in every industry, whether applying for a mortgage or looking for the best in business software coupons. Applying that same detailed focus to your mortgage paperwork will ensure a smooth process for everyone.
Let’s go through the various documents needed for a standard mortgage application. The first step is to fill out a mortgage application that will contain all the vital information used to process your loan. You will be asked your name, address, Social Security number, birth date, and other pieces of personal information. Be accurate! 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. Take care to include every page, no exceptions. Even if you don’t think it is important, a lost page will be requested; loan underwriters are sticklers for detail! Pay stubs need to be current, issued within the last 30 days. We cannot stress enough the importance of making sure that you provide everything you’re asked for during a mortgage transaction. By making sure you have everything at the outset, you will make the process go as quickly and easily as possible.
