Applying for a mortgage can be very stressful, especially in these challenging economic times. Guidelines in the mortgage world are in constant flux, and sometimes it seems like your loan officer won’t stop requesting new documents. If you’re able to gather all the documents ahead of time, and keep copies at home in case papers are misplaced during the loan process, you will find that things go much smoother. And, your loan processor will love you!

It’s not uncommon for business professionals to be hyper focused on details. Economizing in the office by searching out Business coupon is just one aspect of the detailed mind looking to save money. Details are important in every industry, whether applying for a mortgage or looking for the best in Business software coupons. Applying that same detailed focus to your mortgage paperwork will ensure a smooth process for everyone.

Let’s go through the various documents needed for a standard mortgage application. First, you will fill out a mortgage application that asks for all the important information needed to process your loan. Some of the items you need to supply are your name, address, Social Security number, birth date, and other pieces of personal information. Be exacting. Don’t rush filling out the application, because mistakes can cost valuable time. You’ll also be asked for a 2 year job history, and a 2 year residency history. Additionally, you should be prepared to detail your various financial reserves, your credit obligations, and any additional mortgage obligations. Much of this information can be automatically populated from your credit report.

Your loan officer will ask you to give copies of current bank statements and pay stubs to support the information on your application. Take care to include every page, no exceptions. If you lose a page, or skip one, you will be asked to provide it. Pay stubs need to be current, issued within the last 30 days. We cannot stress enough the importance of making sure that you provide everything you’re asked for during a mortgage transaction. By making sure you have everything at the outset, you will make the process go as quickly and easily as possible.

This entry was posted on Friday, February 5th, 2010 at 4:27 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.