When applying for a mortgage, there are some things you can do to prepare yourself for the lender. Since you’ll be asked to provide a lot of documentation, it will help to get some of it prepared ahead of time.
Every financial institution is obviously different, so you may want to call your lender and ask what information you will be required to have on hand. The following is some basic information that you will be asked to provide:
-Your current and former addresses.
-Social Security card.
-Verification of monthly and annual income
-Information about outstanding debts if there’re any.
-Bank statements for the previous two months.
-Your place of employment and how long you’ve been there.
– Information about stocks, property or other assets if any.
After you turn in your loan application what your lender will proceed to do is verify all of the information you provided, check your credit history, and get an appraisal to determine the value of the property you are seeking to purchase. The lender will also order a title search and obtain required insurance documentation. Once this information is obtained, the lender will review everything to determine whether your loan will be approved and you’re on your way to owning your own home.
What Type of Loan Should I Apply For?
This question has plagued many potential buyers, selecting a loan that is right for you can be a tricky situation. You will need to obtain a loan that will allow you to purchase the home you want, with monthly payments you can afford.