Mortgage Blog

Getting a mortgage loan, whether FHA, refinancing, or conventional can take a little doing, but here are a few tips to prepare for the process.

1) Gather all your financial information in one place. Current W-2's (or 1099's), at least last years tax returns, preferably the last 2 years, current mortgage statements, 1 month of pay stubs for all borrowers, a copy of your hazard insurance declarations page and agent number.

2) Have an idea of what your credit report looks like.  Is your credit perfect, do you have a slow paying account, have you missed a mortgage payment in the last 12 months.  A lender will pull your report from 3 major credit bureau's and have some questions about these issues.  The lender may also guide you in the right direction if your credit is less than perfect on what steps to take to improve it.

3) Be honest and provide accurate information on your application. In today's mortgage market, everything is double and triple checked.  Credit reports, addl sources of income, bank accounts, part time jobs are all verified. It's a lot easier to deal with an issue upfront than find out later in the loan process after you've paid for an appraisal and things are moving along.

4) Respond promptly to any requests for additional information so that you get your approval sooner.

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