The Application Process
After signing a purchase contract, we will verify your liabilities, income, and ability to pay back the loan through a full credit approval. Generally, you will bring a copy of your purchase contract that has been signed to your loan interview. This contract specifies the amount of the down payment, the total price of the house, and when you believe the closing date will be. We'll make use of all this data to figure out whether or not the house you're trying to buy will be able to act as collateral for the money you are attempting to borrow.
It's a good idea to have checked your credit before going through this process because it will allow you to correct any errors. Your credit report plays a big role in your ability to get a mortgage. The process of applying for a mortgage can take a while, but if you bring the following materials to your application interview, you will make it go much faster. Some of the things you need to bring include:
- Verification of Income, which includes W-2 forms, tax returns, and pay stubs from the past two to three years
- Verification of Assets, which includes statements for your savings and checking accounts for the past two to three of months, any stocks, investments, or bonds, and titles of vehicles that have been paid off
- Any debts you have, which includes credit card bills, car and student loans, and child support
After you have applied, we will get to work verifying the information you provided. The process of approving the loan can take a couple weeks, depending on several factors and the mortgage that you are applying for.
