Ok- I'm ready, so what's next?

So you think you're ready to buy a house? Not sure what to expect?

Lets bust through the myths or unrealistically high expectations of how difficult this process may be..

It takes about 5 minutes by filling out an application.

So what's on the application?

Basic information, same, date of birth, address and previous address depending on how long you have lived at your current place.

Then, you will have a few questions regarding your employer, your type of income (salary or hourly) and the frequency of pay as well as how long you have worked there!

BY THE WAY- did you know that even though there is a 2 year work history required for a mortgage that in some cases you can use certifications or a degree in you work in the industry of your qualifications and you can qualify without work history if you're in a new job?

Pretty cool huh?

Yeah we thought so too...

SO... back to the application-

After entering your personal information, employment and income details then it will move down to Assets.

This will be a place to enter and gifts you may be receiving from relatives (NOT CASH EVER- transfers or checks only!!)

 You'll also need to provide:

Checking and saving account information as well as any ASSET/Investment accounts that you may be using to cover the down payment/closing costs of your loan (down payment and closing costs, what's the difference between the two?

 Credit- on this part of the loan application you would have already entered your details to order your credit report and you have already paid for the report through the website. Depending on how your credit was pulled will determine whether or not this information will be reflected to immediately within your application. If your credit is reflecting you will be able to make note of the trade lines if you have paid down or off a credit card or auto loan. You can also let us know if there's any incorrect information.

If your credit is not reflecting that's not a problem at all we will get your application updated but we may a few follow up questions. Regardless after you have successfully gone under contract on a home one of our mortgage team members will have a couple of forms for you to sign regarding your credit report to verify some information that's automatically generated on every credit report.

We have to give an explanation for any credit inquiry (credit pulls) on your credit from the last 24 months as well as any addresses listed on your report. Don't be surprised to see an address that may be from your childhood or even a close relative- the credit bureaus have a creepy way of tracking us!

Housing Information- this is your current housing information where you enter what you currently pay in rent or for a mortgage. If you do currently own a mortgage you will be able to select your intentions with your current property whether you plan to sell it or convert it to an investment property and your potential earnings for both scenarios.

Loan Information- this is the place where you can put in a loan amount you would like to be approved for. Otherwise I will give you a max approved amount and we will review details of you budget.

Disclosures- a series of yes and no questions validating your mortgage purpose and examining your money borrowing characteristics.

Government Monitoring- race, ethnicity & gender as well as how the info was obtained

Documents needs list:

3 Pay stubs

Past 2 year tax returns (signed page 2)- Personal and Business if applicable

Past 2 years of w-2/1099/k-1

2 months bank statement

2 month Asset(retirement) statement ID

If you own a home-Copy of MTG statement and Insurance Declarations page(first 2-3 pages of policy typically)