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 quicker.
Here’s a list of some of the documents you may need to provide in order to complete your mortgage application.
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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).
Continue reading for more checklist items, these sections will have more detailed lists and information on how to prepare for a California Mortgage Loan!
Continue reading 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!