Applying for a
mortgage loan may seem stressful and overwhelming. However, being prepared
can bring less stress throughout the loan process. The mortgage application
process differs from lender to lender. Most of the information that
you provide on the application, your lender will need supporting documents
to verify records. Organizing your documents ahead of time can help
make the application and approval process smoother and a lot of times
Here's a list of some of the documents you may need to provide in order
to complete your mortgage application.
You may want to find out more information about applying, such as when
should you apply for a mortgage, how you can apply, and what happens
after you apply. Apply here for your free
Now on to the first item on your home mortgage loan checklist is Income
Documentation along with other personal information like your
social security number, address, phone number and so on. You will need
to provide this income / personal information to your future lender
in order for the lender to process your California mortgage loan request.
Next you will need to submit documentation about
your assets. Any statements showing money you earn or receive
for any reason, including, but not limited to, alimony, child support,
misc. earnings, yearly bonuses, and so on. They will use this information
to calculate your income / debt ratio and determine how much (in a dollar
figure) of a house you can afford monthly and overall.
Then you will need to document your debts.
Any statements showing money you pay out including, but not limited
to, alimony, child support, credit cards, car payments, and so on. They
will use this information to calculate your debt ratio and determine
how much (in a dollar figure) of a house you can afford. * Side Note:
you do not have to disclose alimony, or child support income unless
you want it considered as a basis for repaying the loan.
Lastly, other documentation may
be needed, for example, past residences, past employers, student information
(if a student at time of purchase).
reading for more checklist items,
these sections will have more detailed lists and information on how
to prepare for a California Mortgage Loan!
for more information "Closing Info"
that you will need to know about in order to be better prepared for a
California Mortgage Loan!
Use our quote
form, a mortgage feature on California Mortgage & Home Equity
Loans, Co. to locate a lender in your area offering the mortgage
product that best suits your needs. The independent lender you select
will work with you to help find a low-cost mortgage that meets your
needs. Apply today!