Apply for a mortgage

Applying for a mortgage can be done as easy as 1, 2, 3. Mortgage application can be done in person, over the phone, online, or through email or fax. When you are applying for a mortgage be as truthful and honest as possible. This will help to insure a smooth and pleasant mortgage experience.

Before talking to your mortgage officer, take a few minutes to gather information regarding your current mortgage payment (if you have one), yearly taxes, insurance payment, and current employement information such as monthly or yearly income.

When you apply for a mortgage, you may feel that the amount of information and documentation you are asked for is overwhelming. Remember that you are asking a company to loan you thousands to hundreds of thousands of dollars. That company will want to know you and your financial situation well before giving you that loan.
Sometimes your mortgage professional will give you a list of documents needed and nothing else will be needed before your loan closes.
Often, however, more documents will be required by the lender. When these are requested, please submit them promptly. Any delay can delay your loan.

When applying for a mortgage you will need to supply information on your employment for the past two years and where you have lived for the past two years. If there are any gaps in employment be prepared to write a letter explaining the situation. If you are currently renting you will need to supply 12 months proof of paying your rent on time - though you may want to wait to contact your landlord until you are actually in the process of purchasing a house.

Use caution when applying online! Many websites that appear to be mortgage banks or mortgage brokers are actually lead resellers. These lead resellers will provide your information to several companies, resulting in an onslaught of telephone calls from lenders all over the country. Carefully examine the privacy policy of any company to determine if they are lenders or if they are in fact lead vendors.

It is very important to know who your dealing with. Are you applying with a direct lender or a broker? Each side has its advantages and disadvantages. Make sure you completely understand the loan process and are comfortable with who you work with.

The process will go smoothest when referencing these documents.

Federal income tax statements and verification of any additional income
Your two most recent W2’s.
Current paycheck stubs
Recent bank statements
Asset and liability information (stocks, bonds, other real estate, etc.)

After you apply for a mortgage you may contacted by your loan officers loan processor. The loan processor works in tandem with your mortgage broker to submit you loan to the lender. The processor will also assist with collecting and extra information that may be needed for you loan file.

When you apply for a mortgage online, be prepared to email, fax, or mail in your supporting documentation. Applying for a mortgage is generally easiest if you have access to a fax machine or email account.

» DISCLAIMER: The information contained in this article on 'Apply for a mortgage' 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.