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Applying for a Mortgage Loan
Author David Schneider | May 23,2007
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Tammy was a renter who desperately wanted to own her own home by the time that she was 30. This gave her only three months to find a home, get approved for financing and to close on the property. While this is a tight schedule, she felt that it was doable. She worked with a real estate agent to find an adorable townhouse that had two bedrooms and one bath. Her offer was accepted and she had two weeks to find financing. Tammy's real estate agent referred a mortgage broker that Tammy decided to work with. The mortgage broker emailed her all of the forms that she needed to fill out and talked her through the process of applying for a mortgage loan over the phone. In about three days, the broker called her back and told her that he had found a couple of loan products that she could use to buy the townhouse.
Applying for a mortgage loan is one of the most stressful parts of buying a home. There are several pieces of information that the lender needs in order to determine if you qualify for a mortgage. The number of forms and the type of information that you will need to submit with your loan application will depend greatly on the type of loan that you are applying for and the type of income you have. If you are a regular employee for a company and you are applying for a traditional loan then you will generally only need to complete a one or two page application form that documents your contact information, your social security number, your employment history, your income and your references. Once your application has been reviewed you will either be told that you don't qualify for a loan or that you did qualify. If you qualified for the loan, then you will need to provide the lender with documentation of your income and possibly letters of reference from your Certified Public Accountant.
Before you have to worry about applying for a mortgage loan, you need to find a lender that you want to work with. There are hundreds of lenders out there and each offers different loan products, terms and interest rates. If you want to find some top quality mortgage products, then you need to start your lender search at QuoteMatch.com.
Request your no-obligation mortgage quotes now by going to QuoteMatch.com. |
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