Step by Step Guide to Qualifying for a Mortgage
The first step to owning a home is applying for a mortgage. The application process is a little more detailed than a credit card application or a car note application. For this reason alone you should have all your ducks in order before searching for your dream home. The in ability of qualifying for a mortgage can result in lost of time and a potential risk of deposit if any.
1st Step:
Credit History
The lender will pull your credit report and search for your credit history. “It is said that History Repeats Itself”. Having Bankruptcy, foreclosures and Final Judgments can damage your credit image and can result in your ability of obtain a mortgage. But don’t be frightened each case is different and unique in its own nature.
Click here for Credit Agency.
2nd Step : 10-03 Application
This application is the actual application it will ask for your personal documentation.
Click here for a copy of the application.
3nd step: Important Documents
Bank Statements ( 3 months)
Pay Stubs ( last 4 )
Tax Returns ( last two Years)
Keep in mind the faster you present all your documentation the faster you will know. Getting approved for a loan will determine on all these factors.
Step by Step Guide to Qualifying for a Mortgage
Step by Step Guide to Qualifying for a Mortgage
The first step to owning a home is applying for a mortgage. The application process is a little more detailed than a credit card application or a car note application. For this reason alone you should have all your ducks in order before searching for your dream home. The in ability of qualifying for a mortgage can result in lost of time and a potential risk of deposit if any.
1st Step:
Credit History
The lender will pull your credit report and search for your credit history. “It is said that History Repeats Itself”. Having Bankruptcy, foreclosures and Final Judgments can damage your credit image and can result in your ability of obtain a mortgage. But don’t be frightened each case is different and unique in its own nature.
Click here for Credit Agency.
2nd Step : 10-03 Application
This application is the actual application it will ask for your personal documentation.
Click here for a copy of the application.
3nd step: Important Documents
Bank Statements ( 3 months)
Pay Stubs ( last 4 )
Tax Returns ( last two Years)
Keep in mind the faster you present all your documentation the faster you will know. Getting approved for a loan will determine on all these factors.