Mortgage Loan Application: The Simplified Version

2007-03-08 10:33:40

( Financial )



UNDERSTANDING THE PROCESS

Buying your own property and applying for a mortgage loan is probably the single most important financial decision you will ever make. That is why you should do it right.

For an individual who is taking a mortgage for the first time in his life, taking a mortgage loan can be a very daunting experience. But a mortgage loan need not be intimidating if you understand the mortgage loan application process.

The mortgage loan application process is fairly simple and straightforward. What will make the process difficult and confusing is that if you do not have all the documents required for a mortgage loan. So you have to make sure that you have all the pertinent documents before you apply for a mortgage loan. If you do this, then the mortgage loan application process should be a breeze.

If you have already decided on the property to purchase, then it is time to move it forward. The first step in the mortgage loan application process is the procuring of all personal and financial documents that you have to present to the lender.

THE REQUIRED DOCUMENTS

These documents include your personal papers which contain information such as date of birth and social security number. Other very important documents are an inventory of your personal assets, employment history, and other sources of income. You will also have to present a written disclosure of all your outstanding debts. You can also present a listing references and records of character testimonials.

After securing all of these records and documents, the next step in the process is the actual mortgage loan application. During this stage you will have to fill-out forms and undergo an interview, you will also have to pay some processing fees.

Basically, those are the two basic steps in a mortgage loan application. Throughout all these, the longest period will have to be the waiting. After your application has been received, the bank will then verify all your information, and decide whether you qualify for the mortgage loan or not.


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