Important Documents And Info You Must Prepare For Mortgage Loan

There are important paperworks and details you must provide when you apply for payday loan cash advance payday loans in Beckley. That goes with mortgage loan as well. Know what you need for a home loan before applying. Knowing the criteria for a loan will make the loan process go quicker and easier. You may find out with just a few questions that you do not qualify for a home loan or you cannot afford a loan. Educate yourself about the different types of loans until you find the one that is right for you. Knowledge is power, especially when negotiating a loan.

The first thing a bank is going to do is check your credit after you fill out a loan application. If your credit does not match their criteria, you can forget about getting a loan through them. If you know what your credit score is you might want to ask the bank what their credit score requirement is and what the interest rate would be with your credit score. If you know your credit score you can compare the banks’ interest rates.

The loan application will ask financial questions. You will need to know your assets and liabilities. You also need to know how much money you spend a month on your bills. In order to get a mortgage, the bank will want to make sure you can afford the mortgage payment.

The next step will be for the bank to ask for paperwork from you to qualify you for the mortgage. Although the mortgage applications ask the questions, the banks want to verify your answers. You will need to be prepared with documentation.


The biggest concern for paying for a mortgage to a bank is your income. Proof of your income will be at least a month’s worth of pay stubs and/or two years worth of w-2s or tax returns depending on the bank.

If you have income from rental property, or monthly dividends from investments you want counted in your income, you need to have proof of the payments to you. Signed rental agreements will provide the information for rental income. Bank statements will also show deposit amounts, and of course, tax returns will show the rental income.


Asset information is looked upon favorably by banks. Assets equal money. If you have bank accounts, investments, property, anything of value, the banks will want to see proof. Proof of ownership will be statements of your investment or bank accounts, deeds or tax bills for property. The more you are worth the more money the bank will feel comfortable lending you.

If you have property, but you are paying a mortgage on it, the bank may look at the property as a liability. Liabilities are bills or anything you pay money for on a regular basis. You should have copies of your monthly bills to use to fill out the loan application and to use as proof.

Getting a mortgage is not a simple process. You usually feel like it is a job. Keep in mind the end is worth the means. You will have a home and the process of getting the loan will be worth the effort.


Brandon Ingram created Galactic Squid and he hopes to see his site to touch the heights that it deserves. Brandon loves to write about tech and gaming.

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