Home mortgage loans are necessary for the vast majority of home buyers. Financial institutions offer a variety of different mortgage options for home buyers, but the application process for all mortgage loans is similar. As a mortgage loan is a large, long-term loan, the application requires extensive documentation and can be daunting even for home buyers who have gone through the process before. However, preparing properly for your mortgage application can make the process much easier. Read on to learn more about preparing for at apply for a home mortgage loan.
Check Your Credit
The first thing that you want to do when applying for a home mortgage loan is to check your credit. As with all financial products, your credit is very important to the financial institution. Even if you’ve recently checked your credit report, you should check it again. A negative item such as a late payment may have appeared on your credit report, perhaps by mistake. If there has been some sort of mistake, you definitely want to clear this up before applying for a mortgage.
Collect Tax & Residency Documents
As previously mentioned, a mortgage application requires a great deal of documentation. Perhaps the most important types of documentation required for a mortgage are your tax and residency documents. You should collect your tax returns from the last few years as well as your rental or home purchase history. This way, you won’t have to waste time searching for your documents while you are working on your application.
Ask Your Member Representative Any Questions You May Have
If you have any questions about the mortgage application process, don’t hesitate to ask your representative at your credit union. Remember, their job is to help you and they have a vested interest in you applying successfully for your mortgage. They will be happy to help you with any questions you may have, which will help the application process go more smoothly.