How To Start The Mortgage Approval Procedure

Applying for a mortgage can, at first, seem like an overwhelming procedure for many home buyers -- especially first time buyers and those who have not purchased real estate in a long time.

Here's a list of the kind of information you'll need to have on hand when you visit your mortgage banker or broker ...

• Have the name, address and social security number of each person applying for the mortgage;


• Have the name, address, telephone number and payment history for your current landlord or mortgage company;


• Have the source(s) of funds for your down payment and closing costs;


• Have your bank name and the approximate balances of your checking and savings accounts including all the account numbers;


• Determine the market value of any stocks, bonds, mutual funds or other assets that you own;


• Determine the net worth of any business you own.

The bank will also want to know about your income. So, you'll need ...

• The gross monthly income of everyone who is going to be on the mortgage (include salary base, commission and bonuses separately);


• Employment information to include the company name, address, telephone number and your dates of employment for two years;


• List any other income, including child support or alimony, social security, retirement, dividend and interest income.

And, of course, the mortgage people will need to review your debts and liabilities, so ...

• Bring your credit card and installment loan info;


• Have information about any other properties you own, including rentals, second home and investment properties, including the amount you pay for taxes and insurance;


• If you pay any alimony or child support payments, you will need this info as well.

Use this as a handy checklist to make sure you're fully prepared for that upcoming meeting with your mortgage agent. It's the first step in qualifying for that dream home!

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