The Mortgage Application Process

“How do I get started?”
“Where do I start?”
“Should I go with a Banker or a Broker?”
“Can I shop around? How do I know I’m getting the best rate?”

These are all questions that I’m going to answer for you. But first and foremost, there is something that you must do…

Get your paperwork in order!

For the sake of explanation, let’s use an analogy… Applying for a mortgage is much like:

Taking an airline flight from destination A to destination B

You’re moving from initial Application to Closing

Now, just as you wouldn’t board your flight without your luggage, don’t begin the application process without gathering your paperwork. This might sound cliché, but this purchase is the biggest liability you’ll ever acquire, so plan appropriately. Here’s what you need:

• Prior (2) two years W-2s; for self-employed individuals, this includes prior (2) two years tax returns.

• Recent (2) two months pay stubs. Here you want to be sure that the address reflected on your pay stubs is your appropriate work address. Additionally, be sure to write down the appropriate work number for the department that handles employment verifications.

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Upcoming Articles:
The Broker v. Banker Debate
Shopping Around
YSP Revealed
What the Heck Is DTI?
Loan-to-Value and Why It’s Important
What’s My Property Worth?