The mortgage application process can feel stressful and drawn-out, but it doesn't have to. In fact, if you take some time to prepare by collecting your paperwork and learning about the process, applying for a home loan can be fairly straightforward.
Here's what you can do to streamline the process:
Get your credit in order.
- Going in with a great credit score helps. If need be, work on your credit before buying a home -- pay down debts and check your credit report for any errors. Any little change can go a long way.
Have your paperwork ready.
- You'll need to provide lots of financial documentation, which can take awhile to get organized. But you can start before you apply: Collect your recent pay stubs, tax returns, W-2s and bank account statements. If you have any retirement accounts, stocks or bonds, you'll also need records of those.
Learn about mortgage products.
- Look into the different loan options out there. Do you understand the difference between fixed-rate and adjustable-rate loans? What sort of term are you interested in? How much will you need for a down payment with each type? Have questions ready to discuss in person; you’re loan officer is there to help you through it all, and we are happy to answer any and all of your questions.
Apply for preapproval or prequalification.
- Getting prequalified or preapproved can help set the foundation for a quick and easy application. It can also help you determine your price range when searching for a home. As a bonus, a preapproval letter can give you an advantage over other buyers.
Be prepared for your mortgage process, but please don’t hesitate to ask questions. It can be an intimidating process and we are here to help. If you’re ready to start your loan process, feel free to reach out to one of your loan officers today: http://usa-mortgage.com/branches