The loan approval process generally begins with an initial interview where you and a mortgage professional discuss the potential loan. You will need to send information to us to verify your income and long term debts.Be prepared to provide the basics: 2 years of W-2's or signed tax returns and one month's worth of paystubs.
Your loan officer may ask for additional information such as bank statements, bankruptcy papers or proof that certain debts have been paid off.
Bring as much documenation that you can to help speed up your loan application. Your loan officer will be able to get the documents he needs specifically from what you bring him, but won't have to wait for you to find them. This helps the entire process move a lot smoother.
It is important to be up front and honest about your situation. You will need to document and verify all the information you provide, and once your credit report is pulled any past or current derogatory accounts will be seen. It is also important to give the mortgage broker the full picture so they can give you an accurate assessment, and an accurate quote.
If you try to hide your financial skeletons, they will certainly come up later in the process. Lenders will not give you a loan unless they are certain that such financial problems don't exist - they look at everything. Trying to hide your money problems will only waste your time and that of your mortgage professional. Besides, there is a good chance that you can qualify for a different loan anyway.
Be prepared to ask any questions you may have of your loan officer or about the loan programs you are interested in. Being prepared will help to make sure your questions get answered and that you do not forget something important that you might want to tell or ask your mortgage consultant. Asking questions will also help you get a feel for your mortgage consultant about how knowledgeable they are and how professional and honest they seem. Remember this is your mortgage and you want to make sure you are comfortable with all aspects of your loan before obtaining a home loan.
