How To Apply For A Home Loan And The Mortgage Application Process

Your Personal Details

The mortgage lender will also want to know:

1. You, your spouse and any cosigner's social security numbers.
2. Age of all persons involved.
3. Education information for all participants.
4. Marital status of all.
5. Dependents of all.
6. Everyone's current address, telephone and e-mail information.

Further, be prepared to furnish:

1. Your former addresses, up to seven years prior.
2. A schedule of your current expenses:
   1. Mortgage or rent payment.
   2. Real estate taxes if any.
   3. Insurance payments.
   4. Utility payments and municipal fees.
3. The name and contact information for any previous landlord or lender from the past 2 to 3 years.

Your ability to repay is of paramount concern to any mortgage lender. Your previous and current employment history, as well as those of any spouse or cosigner will also be a concern to the mortgage lender. Below is a list of details needed relative to your employment and income.

Employment History And Sources Of Income

If you work for an employer the necessary information is:

1. No less than two years of income and job status for all involved.
2. Your job titles, remuneration packages (salaries, commissions, bonuses, cost of living allowances, etc.)
3. W-2 forms for the past few years to verify the above information.
4. Any and all employers; names, addresses and contact information.

If you are self-employed and own your own business the following is pertinent to your mortgageg loan application:

1. Profit and loss statements for at least a few years.
2. Complete tax returns and financials for your business for the last few years.

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