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Qualifying for a Home Mortgage Loan
from: Maxx Home GuidesIf you've decided to purchase a new home, once you've started shopping around for a mortgage lender, you've officially started the process of a home mortgage loan. However, there's much more to come once you've settled on a lender. You'll begin by signing a purchase contract and will they will have a credit check done which will verify your actual income, liabilities and your ability to repay the potential loan.
When a loan interview is setup, make sure you bring a signed copy of the purchase contract your house loan which specifies the down payment amount, price of the house and your proposed closing date. When applying for a mortgage loan, lenders uses this information to calculate whether the house you're purchasing could serve as collateral for the money you want to borrow.
It's a good idea to obtain a copy of your credit report and correct possible errors before applying for a home mortgage loan since these details will have a major affect on whether you'll be able to obtain the loan.
To get processed for a home mortgage loan quickly, complete all the documents lenders require during the loan process.
For the verification of your income, you need to bring:
* Ad earning statements (w-2 forms, current pay stubs and tax returns for the past year)
* If you're self-employed (profit and loss statements and return tax for the past two years)
* Any extra income (overtime, commission, veteran benefits, social security, and so on)
In order to verify your assets, you should have:
* A list of all bank account numbers (including branch address plus checking/savings account statements for the past 3 months)
* All copies of any title to motor vehicles, which are paid in full.
* List of stocks, investments, and saving bonds (including approximate market value of each)
For the verification of your credit history, you should bring:
* Copies of credit card statements for the past six months
* List of all consumer debts (including furniture, student or car loans and other co-signed installment loans with the creditor's contact numbers and addresses)
* Evidence or copies of rental payments or mortgages
* Documents of child support or alimony
If you haven't established your credit rating, you should provide the lender with other information showing your payment histories, including utility payments, canceled checks or any recurring obligations.
Having these documents available will go a long way in speeding up the process of getting your home mortgage loan. However, be aware that different lenders may have different information requirements. Therefore, ask your lender in advance what they require you to bring to your initial home mortgage interview.
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