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Your Initial Meeting With a Mortgage
Professional
The loan approval process generally begins with an initial interview where
you and the mortgage professional meet to discuss the potential loan. You will
need to bring information to verify your income and long-term debts.
You may prefer to meet with the mortgage company before house hunting to
determine in advance how
much you can afford and the mortgage amount for which you can qualify. This
step is called pre-qualification and can save you time and trouble by making
certain you are looking in the correct price range.
To complete the 1003 Mortgage Application (.pdf), you will need to gather:
- A purchase contract for the house (if you have one)
- Your bank account numbers and the address of your bank branch, along with
checking and savings account statements for the previous 2-3 months
- Pay stubs, W2 withholding forms, tax returns for two years, or other proof
of employment and income verification
- 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
- Information on other consumer debt such as car loans, furniture loans,
student loans and retail credit cards
- Balance sheets and tax returns, if you are self-employed
- 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.
Having these items on hand when you visit the mortgage company will help speed
up the application process. Usually an application fee and the appraisal fee
will have to be paid when you submit the mortgage application. After the initial
meeting with the mortgage company, you should have a general idea if you qualify
for the size and type of loan you want. After
the mortgage application, the mortgage company should let you know if you
qualify for the loan within a few hours. |
