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Getting A Mortgage 
Mortgage Application

When it comes to the loan process, there are several steps that one must go through. By making yourself familiar with it, you will better understand what is required of you and how you need to prepare. After all, the more knowledgeable you become the more comfortable and in control you'll feel.

1. Organize Your Documents

In order to obtain a mortgage, your lender will require certain documentation from you to make sure that you will have the ability to repay the loan you take out. Such documentation can include:

  • proof of employment
  • credit history
  • tax returns
  • pay stubs
  • bank statement
  • divorce and child support statements

2. Qualification

Before you apply for a loan, getting pre-approved will help you establish how much you can borrow. Most, if not all, sellers require a current pre-approval letter with an offer.  Getting pre-approved also lets you focus on homes within your price range instead of wasting time looking at homes that you won't be able to afford. 

Find the Right Loan Program

While searching for the right loan program, there are many things to take into consideration. For example, you might want to think about how long you plan on keeping the loan. The length of your residence will determine the type of loan you want to get (i.e. adjustable or fixed). To figure out which loan program is the best, one will need to compare different programs and everything that each one involves such as rates, fees and points. The whole process can be tedious and difficult at times, which is why a qualified loan officer can help you make the right decision.  I can refer you to qualified, reliable and competitive lenders in the area who know the many financing options currently available. 

4. Obtain Loan Approval

The process of obtaining loan approval includes, but is not limited to, following:

  • Review of loan application (Be sure to fill it out completely).
  • Verification of credit history, employment history, assets such as bank accounts and mutual funds, property value and any additional information that the lender might require.

There are also a few things that you can do to improve your chances of getting the loan approved.

  • For any requests of additional documents and information, respond promptly.
  • Do not make any major purchases such as a car or new furniture until the loan is closed. Increasing your debt can have the opposite affect on your application.
  • Try not to change jobs during the process.  Many lenders now require 3-6 months of pay stubs from your current employer. 

Joanne Adduci
RE/MAX Leading Edge

Phone: (617) 480-1338
Fax: (617) 484-5862
Email Me!

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Joanne Adduci
RE/MAX Leading Edge

Offices Serving Eastern MA
Phone: (617) 480-1338
Email: Info@JoanneIsMyRealtor.com
www.JoanneIsMyRealtor.com


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