Whether your apply Online or in person with your loan officer, the typical mortgage application goes something like this:
Make an appointment with your loan officer to apply for a mortgage. It is important to meet with your Loan Officer, in person or on the phone, even if you intend to apply online.
During the application your loan officer with ask you questions about:
- What is your financial goal?
- What is a comfortable Payment for you?
- If you are working with a Realtor?
- Have you owned a home or do you currently own a home?
- Where is your down payment coming from?
- How soon do you want to buy or refinance?
Your loan officer will collect standard items such as:
- Paycheck stubs
- Tax Returns
- Bank Statements
- Sales Contract
Once you are ready, your application is processed, documented and sent to the Underwriter, who (hopefully) approves your application. Keep in mind this process could take up to 30 days.
An important part of a successful application is to stay in communication with your Loan Officer. This is especially important if you are making any changes to your financial picture. Your loan officer is there to guide you through the “do’s and don’ts” of the process so maintaining an open line of communication, will keep any unforeseen hurdles to a minimum. Whether you are buying a new home or refinancing for a lower monthly payment, work closely with your Real-estate team and they will get you to the finish line!