How to Apply for a Home Loan

How to Apply for a Home Loan

How to Apply for a Home Loan

Once you’ve made the decision to purchase a home, the first step is applying for a mortgage loan, AKA-home loan. To do this, you’ll need to approach a trusted mortgage lender, but make sure to shop around to make sure you get the best rates.

Each mortgage lender will need information in order to give you an offer for a home loan. They may have some of this information already but they may need to collect more. But you will also need to give your lender a pack of documents. Your real estate agent may be able to grab some of the harder-to-find items, such as property taxes.

Your lender should guide you as to what to send and when, but they are likely to need below:

• Name of current employer, phone, and street address
• Length of time at current employer
• Position
• Salary including overtime, bonuses, or commissions

• Two years of W-2s
• Profit and loss statement if self-employed
• Pensions, Social Security
• Public assistance
• Child support
• Alimony

• Bank accounts (savings, checking, brokerage accounts)
• Real property
• Investments (stocks, bonds, retirement accounts)
• Proceeds from the sale of your current home
• Gifted funds from relatives (e.g. a down payment gift for an FHA loan)

• Current mortgage
• Liens
• Alimony
• Child support
• Car loans
• Credit cards
• Real property

Property information
• Street address
• Expected sales price
• Type of home (single-family residence, condo, etc.)
• Size of property
• Real estate taxes (annual)
• Homeowner’s association dues (HOA)
• Estimated closing date

Credit history
• Bankruptcies
• Collections
• Foreclosures
• Delinquencies

This last item—your credit history—is one of the most important elements in getting your mortgage approved. Because of this, it’s a good idea to check your credit report beforehand to see where you stand. You’re entitled by law to one free credit report from each of the three main reporting bureaus each year.4Be prepared to explain any missteps in your financial background. It’s good to have dates, amounts, and causes for any of these parts of your history.

One of my personal favorite lenders, Dustin Golden with Prime Lending, a Plains Capital company, has given me superior service over the years! Check out his website below and apply for a home loan in minutes. Now it’s time to find a home!!