Many people ask what it would take to get a home mortgage today. While it would be nice to be able to sit down in the morning and have the loan approved by the time the day is through, there are just too many things that go into getting a loan. It can be done quickly, and being prepared and having all the paperwork in order will help to speed up the process. The most important thing to understand is exactly what the loan is, and to know what you are getting into when applying for a home loan.
Before even sitting down with the mortgage lender it will be important to gather up some important financial documents. The lender will want to see tax returns for at least the last two years. This will show that you did have the income you are claiming, and allow them to be confident you are able to earn enough. They may also want to see the last two pay stubs. Similar to the tax returns these will show that you currently have the income to afford the monthly payments on the loan. While all debts will show on a credit report, all assets will not. Putting together a simple financial statement that shows the valuation of all accounts, and the date they were valued, will allow the lender to speed up the crediting process. Do you have anything else you feel pertinent to your finances? Just bring it along, too much information will not hurt, you can always take it back without disclosing it.
Before signing anything there are some important things to ask the lender. Perhaps most importantly is what it will cost to lock in the rate they are quoting. Unfortunately there are some unscrupulous lenders out there. They are just in it to earn a few bucks and will end up doing so at the expense of their clients. By locking in the rate, they borrower can make sure they know exactly what the cost will be. Likewise, the borrower needs to ask if there are any prepayment penalties, how much they need to put down on the loan, and get an estimate on how long the process will take. By knowing all the information beforehand, they will be in a better position to negotiate.
To get a home mortgage today you can get the process started, and by having everything in order and understanding what to expect, you can make the process go very quickly. Call the lender and ask them what they will require, and then have it all easy to access so they can make copies of it as soon as you get there. Getting a home loan is quite the process, but spending a little time preparing will significantly shorten that process.