Submitting a loan application has evolved over the years and while borrowers can still apply for a loan in a lender’s office or meet face to face with a loan officer in their home, the most convenient method to apply for a mortgage is with an online mortgage application.
A mortgage application at first glance can appear to be rather daunting. And while a mortgage application asks for a bit more information compared to other consumer loans the application itself is easily completed.
When completing a mortgage application, there will be some questions that you don’t currently know the answer. That’s okay, some questions may not apply to you and if you’re confused about the nature of a question on the application, leave it blank or talk to a loan officer for clarification. For example, you’re applying for a mortgage approval but you’ve yet to pick out a property. The loan application asks for a property address but it’s okay to leave the section blank until you’ve found your perfect home.
The important sections that do need clarity include your name, your social security number, where you live and where you work. The application also asks for your gross monthly income. This is the amount of income you receive prior to any withholdings.
You also need to be prepared to include how much funds you have available to use as a down payment and for closing costs. You’ll notice that the application asks for account numbers and the address of your bank but don’t worry if you don’t have the exact information available when you apply for the loan; your loan officer will help you finalize all the information needed on the application as your loan application is being prepared.
Once completed, electronically submit your loan application to us. We will receive and review your application for any additional information needed to proceed with your loan approval. After submitting your application, gather the documentation we’ll need to approve your loan. This information includes your two most recent paycheck stubs covering 30 days, two most recent bank and investment account statements, federal tax returns for the previous two years along with accompanying W2 and 1099 forms. Your loan officer and loan processor will help you with additional paperwork as needed.
That’s really about it. Just take the application one step at a time and if you want to save your application and return later you can do that as well. Questions? Do you want to schedule an appointment with your loan officer to help complete your application? Call us. Let us walk you through the process and answer all your questions. The loan application is just the beginning; let’s get started together!