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What you'll need to apply for a mortgage

First-time home buyers, and even current homeowners, often wonder what they'll need to apply for a mortgage. Although streamline mortgage applications require less documentation, salaried employees who apply for a home loan that's a conventional mortgage typically need two pay stubs, two years of W-2s. Self-employed workers who apply for a mortgage should provide two years tax returns and a YTD profit and loss statement.

  • Providing three months of bank statements and will help speed up the mortgage application.
  • If you plan to apply for a home refinance loan, you'll bed asked for say what you plan to do with the proceeds.
  • If you own rental property, you should provide the rental agreements and two years of tax returns when you apply for a home loan.
  • When you apply for a mortgage you'll also provide any recent copies of any stock brokerage or IRA/401K accounts, a copy of divorce decree if applicable, and your green card if you are not a US citizen, or H-1 or L-1 visa if you are not a permanent resident.
  • If you want to avoid paperwork when you apply for a home loan, ask about our streamline mortgage programs.

How First-time Homebuyers Can Apply For A Mortgage

If you're a first-time home buyer, it's best to apply for a mortgage loan early in the house-hunting process. If you have completed a mortgage application and have been approved for a home loan, you'll be in a much better bargaining position with the home seller.

First-time home buyers ready to apply for a home purchase loan should know the difference between being pre-qualified and pre-approved. You can get pre-qualified over the phone or with an online mortgage application in a few minutes, but getting pre-approved is more advantageous.

Although it involves the time-consuming process of submitting the paperwork needed to verify your credit, income, assets and liabilities, getting pre-approved proves you have successfully completed the mortgage application process and can afford the home. You won't waste time looking at homes you can't afford and your loan will close more quickly since you have already done much of the home loan application work.

Get A Smooth Mortgage Application Process

When you apply for a home loan, fill out the mortgage application completely. Lenders typically use Form 1003, the Uniform Residential Loan Application, for home loan applications. Don't use white out if you make a mistake while completing the mortgage application. Instead, cross it out and make a change.

Our mortgage experts will help you complete the mortgage application and guide you through the home purchase or refinance process.

After you apply for a mortgage, be careful to help the mortgage application go smoothly so the application is competed before the rate lock expires or is ready to close when you purchase a home.

  • Answer requests for additional documents promptly
  • Do not make any major purchases like a car or furniture
  • Do not move money into your bank account unless it can be traced.
  • Do not go out of town near the closing date. If you do, sign a power of attorney letter authorizing someone else to sign on your behalf.

Call a Total Mortgage expert now at 877-868-2503 to find out how we can customize a mortgage loan with some of the lowest current mortgage rates for you.