Mortgage Application
Information you need to know when completing your mortgage application

The approval process for a mortgage application generally you begins with an initial phone interview or in person meeting so you can get to know your loan officer or mortgage broker and discuss the potential mortgage loan.

For some people, it may be easier to complete a mortgage application on-line. If that's the case for you, click on the link below.

Click here to start the mortgage application process now!

If you have credit issues, click here to complete an application with a company that is the leader in bad Credit Home Loans

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Often people prefer to talk with a mortgage professional before house hunting to complete a mortgage application and determine in advance what price range and mortgage payment they can realistically afford as well as the mortgage amount for which they can qualify. This step is called pre-qualification and can save you much time and trouble by making certain you are looking in the correct price range.

In fact, in hot markets, some real estate agents won't even show you a home until you have a pre-qualification letter from a mortgage company. The nice thing is that you do not actually have to meet the mortgage broker in person to complete the mortgage application. Most mortgage applications and processing work is completed over the phone, fax and e-mail anyway (even if you live locally), so there is no inconvenience for either you or the mortgage broker.

For a list of what you will need you to have available when you discuss your mortgage with the broker, click here.

For information on mortgage rates, click here.

I do however, recommend that you have a few things available when we talk about your mortgage application:

1. A purchase contract for the house (if you have one) 2. Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 1-2 months

3. Pay stubs, W2 withholding forms, tax returns for two years(if self employed), or other proof of employment and income verification

4. Divorce settlement and/or child support papers and documentation, if applicable and only needed if you are needing to include child support income or payments

5. Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt

6. Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards

7. Balance sheets and tax returns, if you are self-employed

8. A mortgage statement(if this is a refinance)

9. Any gift letters, if you are using a gift from a parent or relative or other organization to help pay the down payment and/or closing costs. This letter simply states that the money is in fact a gift and will not have to be repaid.

A lot of the items above are required for a purchase, but if you want a refinance mortgage, you may not need all of these.

If you have difficulty locating one or two things, go ahead and call me anyway to get the mortgage application started. Then after we talk, you can locate the information I will need and you can get them to me then. In fact, most of the time, I don't need everything on the list. So call me and we can discuss your situation.

In attempting to approve home buyers for the type and amount of mortgage they want, mortgage companies basically look at two key factors: the borrower's ability and willingness to repay the loan.

Ability to repay the mortgage is verified by your current employment and total income. Generally speaking, mortgage companies prefer for you to have been employed at the same place for at least two years, or at least be in the same line of work for a few years when you start the mortgage application.

Your willingness to repay is determined by examining how the property will be used. (For instance, will you be living there or just renting it out?) Willingness is also closely related to how you have fulfilled previous financial commitments, thus the emphasis on the credit report (or rent and utility bills if you don't have any other credit).

If you feel that you might fall short in the willingness area (also known as "credit rating"), the first thing you should do is to get a copy of your credit report to find out exactly what it shows BEFORE you begin the mortgage application.

You can find out what is on your credit report including what bills are showing open, the contact information for all listed creditors and who has been checking your credit rating, as well as get a free score, all in seconds online by clicking the link below.

For additional information on credit and credit reporting, click here

It is important to remember that there are no rules carved in stone. Each mortgage application is handled on a case-by-case basis. So even if you come up a little short in one area, perhaps one of your stronger points will make up for the weak one. Everyone involved in real estate is in the business of selling homes, in one way or another. Therefore, if the mortgage application loan makes sense, mortgage companies and insurers will do their best to see that you qualify.

By its very nature, mortgage insurance is an aid to affordability, because it allows families to purchase homes with less cash on hand. The industry plays a central role in helping low- and moderate-income families become homeowners.

More and more borrowers are taking advantage of low down payment mortgages and becoming homeowners with as little as zero to three percent down. For more information on how you can take advantage of the benefits of a low down payment home loan with mortgage insurance, click on the link below or contact me directly at the number below.

For information on low down payment loans and down payment assistance, click here

One alternative option may be to consider NOT TO GET A LOAN AT ALL. What do I mean by this? One creative way to purchase a home, especially if you have very little down payment and/or poor credit is to consider a Lease Purchase Contract. This is a way to purchase a home without actually committing yourself to it right away. It gives you time to build up a down payment if you need to and allows you to improve your credit so you can get qualified for a standard home mortgage loan. The credit qualifications are typically much less stringent than most loan programs and most of the time, you can negotiate a portion of the rent be applied to the down payment when you do actually purchase the home. There are quite a few benefits to this program, and I don't feel that I'd be doing you justice if I didn't recommend that you at least take a look at this option.

For more information on the benefits to both the buyer and seller in a Lease Purchase, click here

Now I just want to take a quick minute here to discuss the topic of credit problems.

Sometimes, if you know that you've had credit issues in the past, it may not even seem worth the trouble to complete a mortgage application. My recommendation is don't.

Call me directly instead. I can take some basic information over the phone and usually have a fairly good idea as to what I can do for you. If you do happen to reach my voice mail because I'm on another line or in an appointment, please leave me a message with the best time to return your call. You can also send me an e-mail as well. I will do everything within my power to contact you at the appointed time or as soon as possible. My contact information is at the bottom of this page. Please do not think that just because you need to leave a message that I am too busy to talk to you. I make my living by talking with people who have all sorts of credit and financial issues and I want to hear from you.
If it looks like we can work together, I can take your mortgage application right over the phone.

Click here to complete an application with a company that is the leader in bad Credit Home Loans

You can also get more information on how to obtain a mortgage loan with bad credit by clicking here.

Or contact me directly