Checklist: What You Need to Apply for a Mortgage

Homebuyers are becoming active throughout the United States. This means that some housing markets are again seeing multiple offers. This is good news for sellers, for buyers not so much. When shopping for a home in a “hot market” knowing brokers advise their clients to have their mortgage documents completed and available. If not in hand, then at least have all documentation for income, credit, insurance and any other documents needed for completing a mortgage available and current.

Checklist: What You Need To Apply for a Mortgage

When you decide that now is the time to begin looking for your own home, it is also time to begin gathering all the documents you will need to get a mortgage. Until you make an offer that is accepted, review these documents periodically. Insert new documentation when the old is no longer valid. Not only are these documents needed to be available to the lender, you must check them for accuracy and ask for corrections where there are errors. There are usually errors!

Review Your Credit Reports and Scores

The three major credit bureaus are Transunion, Equifax, and Experian. You are entitled to one free copy of each report annually. It is vital that you carefully review each and report any errors to each agency separately according to their protocols.

Establish a Budget

Decide on a reasonable budget for your new home. Young couples need to calculate the ability to pay if one person stops working and has a baby. Does your budget include up to six months cash available for expenses if one of you loses your job?

Identify Sources of Cash for Down Payment

How will you obtain the down payment? You should have it ready before it you need it.

Put All Financial Documents in One Place

You will need the following documents for each person on the mortgage

  • Social security
  • Income verification
  • Employment verification.
  • Place of Residence.
  • Bank account
  • Tax documents.
  • Other assets.
  • Credit information.
  • Real estate contract / purchase agreement. Gift letters.
  • Self-employment documents.
  • Divorce decree.
  • Monthly expenses.

Mortgage Pre-Approval

Obtaining pre-approved for a mortgage helps you in multiple bid situations. An approved bidder versus one without a commitment always has the inside track.

In Southern California, Avis Lending. is a well-known mortgage company working with Orange County and Southern California in placing mortgages for homebuyers. If you need to file a first time mortgage application or are looking at various refinance home mortgage options Call us for information today at 800-711-2847 or apply online here.

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