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How to get a mortgage
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Obtaining a mortgage is generally a very simple process, especially if you work with the right mortgage professional. With all of the new technology available in this day and age, getting a mortgage can be done in as little as a couple of days, to anywhere up to 30 days for a home purchase. The first step to getting a mortgage is that you will need to find a good, honest mortgage professional, or mortgage loan officer, to work with to handle your mortgage transaction. Once you have found the person that you would like to work with, the rest is all down hill from there. Many loan officers work with borrowers with all different credit types and in many various types of situations. Therefore, no matter how your credit is or what type of situation you have, you should contact a loan officer to see what he/she can do for you. You can email me at PrivateClient@RefinanceOne.net or call me at (800)515-8443 for a no hassle free mortgage quote anytime.Once you have found a mortgage professional to work with you will generally need to provide him or her with appropriate documentation for him or her to include in your loan package. Some common types of documentation that you may need to provide, if applicable, would be:
* 2 years of W2 statements
* 2 years of tax returns (all pages)
* 2 most recent pay-stubs
* homeowners insurance agents name, phone number and policy number
* verification (usually 2 months statements) of any money invested anywhere (checking, savings, 401k, IRA, stocks, bonds, mutual funds, etc...)
* Gift letter (if using gift money for closing costs and/or down payment)
* Bankruptcy paperwork and discharge paper (if applicable)
* proof of current rent payments (cancelled checks, if needed)
* divorce decree and/or child support documentation
These are some of the most common documents that may be required in order to obtain a mortgage. Some of the documents listed above will not be applicable to everyone and some of them, even if applicable, may not even be required by an underwriter. However, it is always better to be prepared and proactive in the mortgage process than to not have this information ready which could cause delays, rate locks to expire, etc...
Knowing as much as possible about your credit history is an important initial step in obtaining a home mortgage or refinance. Reviewing your credit report with one of our seasoned mortgage professionals is one of the best ways to know the ins and outs of your credit, which can greatly improve your chances of getting the best possible mortgage for your situation.
This post has been filed under : mortgage, loan approval, loan officer, closing