Applying For a Bank Mortgage; What You Need to Know

by Eva Del Rosario 07/28/2019

Few people can save up the cash required to buy a house. If you're contemplating buying your first house, your first stop will probably be your local bank to inquire about a mortgage. When you talk to the mortgage officer, they will ask you to provide several documents. 

Various documents will be required at different stages of the application process, from pre-qualification to the final closing of the real estate deal.

What you need for mortgage pre-qualification

Getting pre-qualified for a home loan allows you to gauge how much you are eligible to borrow based on your income. It will help you be more realistic when shopping for a home and frees your real estate agent to scan through listings with confidence. Homeowners or listing agents will give your offer priority if backed by a pre-qualification letter. It is comparable to the bank vouching for you, saying you have the power to make the purchase. In order to become pre-qualified, your bank will ask for:

- Your full names and the names any co-buyer

- Your current address

- Your net worth

- Sources of income

- The estimated annual income of your household

- The estimated yearly household debt expenses

What you need for mortgage pre-approval

Pre-qualification is optional, though it comes with several advantages and literally costs you nothing to do. Once you're through with that step, you can move on to the actual mortgage application. The first step of that is to apply for pre-approval by filling the full mortgage application form. Below are some of the critical bits of information you will need to supply for this:

- All of your checking and savings bank account statements for the past few months

- Asset statements for items you will use as security for the loan

- Your current residential address

- Address history over the past two years

- Addresses and names of your landlords over the past two years

- Paycheck stubs over the past few months

- W-2 or I-9 forms for each of the past two years from your employer

- Two years of tax returns if you're self-employed

After submitting this information, there will be a waiting period at the end of which your application will be approved or rejected. If their response is positive, you can begin the process of closing the deal.

Contact your local bank and find out what you need to do to get a loan.

About the Author
Author

Eva Del Rosario

Mission Statement:

A positive influence to my clients and to the people around me by demonstrating to them that anything is possible if you put your heart and mind to it.

Professional Philosophy:

Eva works hard for her clients to fulfill their “American Dream” of homeownership. 

She excels at:

  • Negotiating for the best interest of her clients be they sellers or buyers. Excelling means win/win for both parties.
  • Resourcefulness, diligence, patience, attention to detail and an ability to adapt to the unexpected.  Managing client expectations and communication clearly and often throughout the transaction.
  • Keeping a transaction together means flexibility in communication, really knowing and understanding the client’s needs and desires and continually updating the changes in the market and Real Estate laws.

Personal Information:

Eva has lived in the San Francisco Bay area since 1983 with her daughter.

She knows the value of home ownership. She began her involvement in Real Estate as a homeowner and an investor. 

Eva based her business on providing the role of a trusted advisor to all of her clients. 

She takes her clients’ need very seriously and treats each and every transaction as if it was her own. 

She prides herself on her solid reputation and is dedicated to providing the highest quality service along with enthusiasm, dependability, and commitment to building lasting relationships.

Interest:

Gardening, traveling with family and friends and volunteering her time for the needy organization.

Summary:

License Real Estate Agent since 2001

License Life Insurance Agent  2008