When you apply for a mortgage loan, you will have to go through a process which will determine whether or not you will actually receive the loan. This process starts with you meeting the mortgage lender, who will assess your financial situation and decide whether or not you qualify for the loan.
For your initial meeting with your mortgage lender, remember to bring the following papers. These documents are essential if the mortgage lender is to assess you properly.
For your first meeting with a mortgage lender you should bring:
- Bank account information, including account numbers and recent account statements
- Tax returns, W-2 withholding forms, pay stubs, and other proof of employment
- Recent credit card bills
- Canceled checks for utility bills and loans
- Gift letters
If you have these papers on hand for the mortgage lender’s visit, your mortgage loan application process will be sped up. The typical application can take anywhere from one to six weeks. Once you submit your mortgage application, you will have to pay an application fee and an appraisal fee, as well as submit additional financial information. As with all information requested of you, provide it quickly. This will minimize delays in your mortgage loan application process.
What You Should Do Before Applying For a Mortgage Loan
Before going to the bank to get a mortgage loan, it would be well to consider a few things.
First, ask yourself: is the purpose for which you are borrowing worth the price of getting into debt? Keep in mind that your mortgage loan will probably involve paying a hefty interest charge at regular intervals. So unless you have good reason to apply for a mortgage loan, it is probably best not to take on the additional risk.
Second, be sure that you have located the credit source which offers you the best deal. To find the best deal, shop around. Do your homework. Make the appropriate inquiries and negotiate whenever possible.
Third, try to make an informed decision. A mortgage loan can potentially saddle you with more debt that you can manage, so it’s important that you make as educated a decision as you can. At the very least, you should be aware of your mortgage loan’s annual percentage rate (APR), its term (length of time you have to pay down the principal), and monthly and total interest charges that you will pay for the duration of the loan.
By taking the time to educate yourself, you will lessen the chances of making a mistake with your mortgage loan.
Applying For a Mortgage Loan Online
Each year, more and more mortgage loan lenders become available, and more and more financial products are introduced into the market. With so much variety to choose from, choosing the right mortgage package for you can become bewildering. If you are wary of the stress and hassle that usually comes with taking out a mortgage loan, then applying for one online might be a good choice for you.
Getting a mortgage loan is not that difficult these days, especially since the internet has made such transactions cheaper and easier to complete. If you have completed mortgage application forms before, you will notice that the process is now more streamlined than ever. In the past, applying for a mortgage loan often involved hours spent on the phone and countless days spent comparing the rates of various lender. You can avoid all this by applying for a mortgage loan online.
Applying over the internet is one of the fastest ways to get a mortgage loan. By choosing one of the many mortgage loan websites available, you will gain access to application forms, mortgage payment calculators, and rate comparisons that will simplify the whole mortgage process.
If you value your time as money, then applying for a mortgage loan online is definitely the way to go.
Three Tips for Getting a Mortgage Loan Quickly
If you are considering getting a mortgage loan, then chances are that you need it, and need it now. So how can you get that mortgage loan quicker? Here are three things you can do.
Start today – now. There are a lot of people lining up for mortgage loans, and the longer you delay, the further back in the line you’ll be. There is no better time to start the application process than today. That way, you will get a jumpstart on the people who are doing nothing about it. Keep in mind that creditors are often very busy people – they receive thousands of applications. Be prepared to do what it takes to speed the application process up.
Be prepared for your initial interview. You will need certain documents to start the application process. You must have these documents at hand when you begin your application, if you hoe to get your application evaluated faster. Bring along your bank statements for the last quarter, as well as recent statements of other financial accounts, such as those involving stocks, bonds, and mutual funds. Bring retirement account documents as well.
Follow up on your application. It pays to check on the status of the proposed loan within a few days of the interview. That way, you will know if there are any problems; then you can move to fix whatever’s wrong.