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

If for any reason you are unable to supply any of the above information or corroboration, or if there is a reason that you may have had your income interrupted due to a lay off or illness, document this all in writing before you are asked to do so. Being forthright and up front about these matters will help to diffuse any potential delays or refusals.

As final verification of the above information, you will be requested to satisfy a Verification of Employment. A form will be sent to your present employer, and previous employers if not at your current job for at least 2 or three years, for them to verify your past and current job status and income.

Pertinent information needed about other sources of income may include the following:

1. Pension, disability or income from a rental property.
2. Child support, social security or any other government benefit programs.
   

All of this information will need to be backed-up by thorough documentation. Leases, bank account records, canceled checks or court degrees are some of the things that can help you with this process.

The next step will be to verify your personal assets and those of your spouse or cosigner. Below is a list of personal asset information you will need to supply.

Personal Assets

The information needed will be:

1. Any and all information relative to your bank accounts and money market accounts.
2. No less than two or three months of banking statements.
3. Full accounting of the value of any stocks, bonds, CDs or investments.
4. The value of all persons involved life insurance policies.
5. The value and complete information of any automobiles, boats or other vehicles you may own.
6. Profit and loss and expense statements for any and all income properties owned by yourself, your spouse or any cosigners.
7. Value of any other personal items such as fine art pieces, antiques, collectibles, household furnishings, etc.
   

As with all other information provided, you will need to be able to verify and sign off on any information being used in the application/loan process; most particularly, bank account balance information.

The down payment funds are also of great concern to the mortgage lender. You will need to be able to verify, and provide signed documentation, as to any gifts that may be utilized by yourself for the down payment, closing fees or other costs.

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