If you are in the process of refinancing your mortgage or applying for a new loan, there are steps you can take to ensure the process goes smoothly. Delays in application processing could result in your rate guarantee expiring before closing on the loan. Here are several tips to help ensure your application process goes smoothly. Once you have submitted your mortgage application the mortgage lender will begin the process of verifying your income, employment, and assets. The lender may request additional documentation from you while processing your application. Here are several items you could be required to provide in order to have your application approved. Make sure you respond to your mortgage lender as quickly as possible when providing documentation and additional information. Your mortgage lender may require some or all of the following documentation: Bank Statements, pay stubs, and tax returns for the past two years. The purchase contract for the home you are financing. Self-employment income verification: tax returns and profit/loss statements. Your divorce decree. Cancelled checks from rental payments. The individual processing your application will pass all documentation you provide to the loan underwriter. This individual approves or declines your application based on the mortgage lenders guidelines. When the lender receives your application you should receive their Good Faith Estimate of all the costs associated with the mortgage. Review this document carefully when comparing loan offers to find the best mortgage for your situation. You can learn more about your mortgage options, including common mistakes to avoid, by registering for a free mortgage guidebook. |
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