Apply For A Loan:

Once an offer has been accepted, you will need to contact your mortgage specialist to officially apply for a loan.

• W-2s and/or tax returns from the past 2 years.

• Proof of gross monthly income for the past 30 days.

• Proof of investment income, including rental incomes.

• A list of creditors, including account numbers, balances, and monthly payments.

• Two months worth of banking statements.

Your lender will also need a copy of the sales contract for the property you wish to purchase. In addition, if you are selling a home, you must also provide its sales contract to your lender.

During the processing of the application, you can expect the lender to verify all of the information you have provided. They will also run a credit report to see your past payment history as well as to verify outstanding credit balances.

Be careful not to apply with too many lenders, in that numerous checks against your name within a recent period can throw up a red flag and cause your credit worthiness to go downward. Your lender will also check your FICO score, which is a points system that indicates your credit worthiness.