Apply for a mortgage

When you apply for a mortgage, you may feel that the amount of information and documentation you are asked for is overwhelming. Remember that you are asking a company to loan you thousands to hundreds of thousands of dollars. That company will want to know you and your financial situation well before giving you that loan.
Sometimes your mortgage professional will give you a list of documents needed and nothing else will be needed before your loan closes.
Often, however, more documents will be required by the lender. When these are requested, please submit them promptly. Any delay can delay your loan.

When applying for a mortgage you will need to supply information on your employment for the past two years and where you have lived for the past two years. If there are any gaps in employment be prepared to write a letter explaining the situation. If you are currently renting you will need to supply 12 months proof of paying your rent on time - though you may want to wait to contact your landlord until you are actually in the process of purchasing a house.

Use caution when applying online! Many websites that appear to be mortgage banks or mortgage brokers are actually lead resellers. These lead resellers will provide your information to several companies, resulting in an onslaught of telephone calls from lenders all over the country. Carefully examine the privacy policy of any company to determine if they are lenders or if they are in fact lead vendors.

Before talking to your mortgage officer, take a few minutes to gather information regarding your current mortgage payment (if you have one), yearly taxes, insurance payment, and current employement information such as monthly or yearly income.

It is very important to know who your dealing with. Are you applying with a direct lender or a broker? Each side has its advantages and disadvantages. Make sure you completely understand the loan process and are comfortable with who you work with.