- 1). Gather your personal financial information. This includes your last two paycheck stubs, three bank and investment statements, mortgage statement, two W-2s. If you are self-employed, you will need to produce your last two business tax returns and business bank statements. You may also be asked to furnish your real estate lease or rental agreement.
- 2). Contact a lender by phone or online. The first stage of the application process involves allowing a lender to pre-qualify you. Supply your loan officer with your initial information: how much money you wish to borrow; how much money you make each month; length of time on your job; and a list of your debts. If you are applying online, list this information as called-for. You also will be asked to furnish your Social Security number so the lender to obtain a report of your credit history.
- 3). Sign your application package. After a loan officer pre-qualifies you for a loan, you must verify the information you provided during the first stage of the process. If you are working with a local lender, a loan officer will schedule a face-to-face interview. During this meeting, you will be required to sign an official application and packet of documents that explains the loan you are seeking. These documents explain your rights as a borrower, an estimate of your closing costs and the real estate financing laws in your state. Read each document carefully. This stage may also be done by email or standard mail. If you are dealing with a loan officer through the mail, sign and date each document, include copies of your income and financial documents or other information the bank requests and return the package to the lender. Include a copy of your state driver's license or identification card.
- 4). Have your property appraised. While your loan officer or underwriter processes your loan application, schedule a time when a licensed real estate appraiser can inspect the home you plan to finance. After an appraiser inspects your property, she will provide the bank with a written appraisal report to verify the home's value.
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