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Mortgage Library: Mortgage Application
|Once you have decided to go with a certain lender and signed a purchase contract, it is time for an actual credit approval verifying income, liabilities and your ability to repay the loan.
Most loan applicants go to their loan interview with a signed copy of purchase contract. A purchase contract for the house will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. When you go to apply for a mortgage, the lender will use all these data to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow.
Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it's a good idea to get your credit report, before you apply for a mortgage, and correct errors.
To ensure that your mortgage application will be processed as quickly as possible, itís important to bring all the proper information to your loan application interview. Click on the Loan Application Checklist for a list of documents most lenders will require in order to process your mortgage application.
Typically, you will complete the Uniform Residential Loan Application, that is widely used in the mortgage industry, during the initial interview. Keep in mind that probably you will be required to pay an application fee, credit report fee and the appraisal fee when you submit the mortgage application.
After you apply the lender will begin the work of verifying all the information you've provided. This loan approval process, described in the next step, can take anywhere from one to eight weeks, depending on the type of mortgage your choose and other factors.
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