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How Do I Apply for a Mortgage?
Once you start the homebuying process, it can seem like an endless stream of paperwork to get to closing. Fortunately, there are plenty of people to help keep things clear along the way. Your real estate agent, loan officer, and processor can all explain the steps and required paperwork to go from an accepted offer to getting the keys to your home. Here is a quick guide to some of the documents that you will need for your mortgage application.
Information about the home
Your loan officer and processor will ask for information about the house that you plan to purchase. This can include things like the purchase offer that outlines the price and conditions. It may also mean that you need to get a survey, home inspection, or appraisal. This depends on the type of loan that you plan to use and what is required by your lender.
Your real estate agent can help schedule any special appointments, like a home inspection or appraisal. Your loan officer will often be the one to order these documents and pay for them, although the costs do get included in the final loan.
Information about your finances
You will be responsible for providing up-to-date information about your finances and ability to pay back the loan. Some things, like your credit score, only require that you authorize your loan officer or processor to get the information from the credit bureau.
Other items, like your paystubs, existing loan balances, and credit card balances, will come from you. Your lender will tell you which items that they require. If your finances are complicated, such as multiple sources of income or multiple lines of credit, you might have to provide explanations or additional documents to help the lender get a clear picture of where your money is going.