The mortgage application process can feel stressful and drawn-out. However, it does not have to be! At Mortgage Wealth Advisors, we take pride in doing all of the heavy lifting. It’s one more way we provide our clients with the concierge experience they deserve.
If you take some time to prepare by collecting your paperwork and learning about the process, applying for a home mortgage can be fairly easy and straight forward! Here’s what you can do to streamline the process:
- Prepare Ahead of Time. Don’t wait until after you’ve found a house to think about your mortgage. Speak to a mortgage professional before you start your home search. A competent and qualified mortgage professional will review your income, assets, credit, and monthly obligations. He or she will point out any potential issues and help you to rectify them now, before those molehills become mountains later.
- Provide Full Disclosure. Quite often, borrowers will try to pre-judge what information is relevant to share with their mortgage loan officer. As a rule of thumb, don’t hold back any information. A competent and qualified loan officer will know what questions to ask. And based upon your answers, there may be follow-up questions and further probing. What you think is private or irrelevant may in fact be critical information that could jeopardize your loan approval!
- Have Your Paperwork Ready. You will need to provide lots of financial documentation; and it can take some time for you to gather it. Collect your recent tax returns, W2 forms, and paystubs. Have your bank account statements (ALL pages) ready. If you receive passive income such as social security or a pension, your 1099s and your most recent Award Letter will be needed. If you’re divorced, you’ll be asked to produce your final and fully executed Separation Agreement and Divorce Decree.
- Be Prepared to Provide Updated Documentation. After you’ve applied for your mortgage, your lender may require updated pay stubs, bank statements, or proof that your down payment check cleared your account. And if your application intersects with tax season, a copy of your newly-filed tax returns may also be requested. Keep good records and keep your documents in a safe and accessible place.
The mortgage application process should not be complex and stressful. However, your cooperation can make all the difference between a stressful and drawn out process versus obtaining a quick and easy loan approval.
At Mortgage Wealth Advisors, we have a very different philosophy and approach than traditional mortgage lenders. We pride ourselves on providing our clients with a smooth process, a quick closing, and a concierge experience.
Please reach out to us if you have any questions. We welcome your calls!
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.