The Mortgage Loan Process

The first step in the mortgage process is usually to apply for a loan. You may also have preliminary discussions with the mortgage professional to determine whether or not they can help you with your loan. At any rate, the process can not begin until you have filled out and signed a mortgage application and the appropriate disclosures.

from that point you will be asked to provide a lot of personal documentation, such as paystubs, w2's, bank statements etc. Make sure you provide all pages of the requested items to expedite your loan.

The basic process of trying to obtain a mortgage is application and disclosure of all applicable information, processing your loan application, an underwriter underwriting your loan, loan approval, and then the closing of your loan. Each step mentioned here has certain criteria and procedures that are done and completed to finish each step.

One thing that will help in the process, is to quickly supply your mortgage professional with whatever documentation he or she asks you for at each stage of the loan process. This helps the loan finish faster, and with less frustration, as well as it will often times save the borrower money.

If you find that documenting your income will be a problem you should ask your preferred mortgage professional about a Stated Income, Reduced Documentation, or No Ratio mortgage.
These loans generally require high FICO credit scores and a good employment history.

If asked for paystubs or bank statements, make sure you provide the most recent ones available.

» DISCLAIMER: The information contained in this article on 'The Mortgage Loan Process' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.