Mortgage Application Process

Buying a house is one of the largest investments most of us will ever make. In my efforts to help you acheive your home financing goals, I review a number of factors during the mortgage application process. Are you ready to buy a house? Review the following information to learn what I need to successfully process your mortgage loan application.

Verification of Income & Employment

  • Do you have a reliable, continuing source of income?
  • Income can come from a variety of sources but must be verified if you want them considered for payment – provided they can be verified as stable, reliable, and likely to continue for at least three years.

Reviewing Your Debt & Credit History

  • Do you pay your bills, loans, credit cards and other debts on time?
  • I examine your payment habits before deciding to loan you money.
  • Your credit history and credit score are also examined prior to deciding to loan you money.

Property Value

  • What is the market value of the property you want to purchase? I will order a property appraisal to make sure your property’s value meets our underwriting requirements.

Assets and Available Funds

  • Do you have enough funds for a down payment and closing costs?
  • You may use funds from a savings account, certificate of deposit (CD), investments, and retirement fund.
  • In some cases, you may be able to use gift funds toward closing costs and all or part of the down payment. This depends on the loan program you elect you use for your home financing needs.
  • In many cases you will also have to demonstrate that you have additional funds in your accounts to cover several months of mortgage, tax, and insurance payments.

Apply for a Mortgage Today

Are you ready to begin the application process? Submit an application now!

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