What to Know When Applying for a Bank Mortgage

by Kwee Huset 09/22/2019

Few people can save up the cash required to buy a house. If you're contemplating buying your first house, your first stop will probably be your local bank to inquire about a mortgage. When you talk to the mortgage officer, they will ask you to provide several documents. 

Various documents will be required at different stages of the application process, from pre-qualification to the final closing of the real estate deal.

What you need for mortgage pre-qualification

Getting pre-qualified for a home loan allows you to gauge how much you are eligible to borrow based on your income. It will help you be more realistic when shopping for a home and frees your real estate agent to scan through listings with confidence. Homeowners or listing agents will give your offer priority if backed by a pre-qualification letter. It is comparable to the bank vouching for you, saying you have the power to make the purchase. In order to become pre-qualified, your bank will ask for:

- Your full names and the names any co-buyer

- Your current address

- Your net worth

- Sources of income

- The estimated annual income of your household

- The estimated yearly household debt expenses

What you need for mortgage pre-approval

Pre-qualification is optional, though it comes with several advantages and literally costs you nothing to do. Once you're through with that step, you can move on to the actual mortgage application. The first step of that is to apply for pre-approval by filling the full mortgage application form. Below are some of the critical bits of information you will need to supply for this:

- All of your checking and savings bank account statements for the past few months

- Asset statements for items you will use as security for the loan

- Your current residential address

- Address history over the past two years

- Addresses and names of your landlords over the past two years

- Paycheck stubs over the past few months

- W-2 or I-9 forms for each of the past two years from your employer

- Two years of tax returns if you're self-employed

After submitting this information, there will be a waiting period at the end of which your application will be approved or rejected. If their response is positive, you can begin the process of closing the deal.

Contact your local bank and find out what you need to do to get a loan.

About the Author
Author

Kwee Huset

Chinese Speaking Florida Agent About Kwee she is a multilingual full service real estate agent, REALTOR®. A Cantonese, Mandarin, Chinese speaking Florida Agent in Venice since 2000. Living in Venice Florida since 1991, Kwee Huset is a multilingual. English, Cantonese, Mandarin, Chinese speaking Florida Agent in Venice since 2000 helping others to find their dream homes. The Reasons Kwee Huset is the Florida Agent for You! 1. Working with you and for you. 2. I have been named a 5 Star – Best in Client Satisfaction Agent. 3. Always has your interest in mind so you have someone on your side. 4. Kwee know the neighborhoods, market conditions, zoning regulations, schools and the local economy. 5. Your Property will have the exposure of 53 dynamic websites 24 hours a day. 6. Pays for all marketing and advertising costs. 7. I will guide you through the process and ease stress during your buying and/or selling of property. 8. I am a full time resident of Venice for over 25 years, and own home and investment properties locally. 9. I am a full time Florida Real Estate Licensee for over 15 years with experience in successfully selling homes and investment properties. 10. Gives an unbiased, realistic view of home and your options. Unlike buyers and sellers, Kwee has no emotional attachment to property. 11. I Love Venice, it is a wonderful place to live – many FREE things to do. Kwee has been helping buyers and sellers locally, as well as from other states and countries in all walks of life. I have been easing stress and making attitudes more relaxed during the process of buying and selling properties while meeting needs for over 15 years. I have extensive experience, knowledge and a proven track record that will work with your best interest at heart while maintaining the utmost level of confidentiality in meeting your needs and trust in this fast changing real estate market. I help to educate homeowners by showing them the options; e.g. loan modification, special forbearance, repayment plan, short sale, etc. to save their homes from foreclosure and maintain good credit. Check out my testimonial, it is self-explanatory about my services of which there is no substitute and helped me to achieve the 2010, 2013, 2014 FIVE STAR Best in Client Satisfaction Award (Kwee Huset Realty), Century 21 Quality Service Awards and Century 21 Centurion Awards in the Top 100 among all the agents in Southern Region of Florida from Tampa, Orlando, Daytona Beach all the way to Key West (while I work at Century 21 C & L Real Estate from 2002 – 2005). I can help you with every aspect of buying or selling your home because I’m experienced, because I’m professional . . . and because I care. Kwee Huset Contact Kwee Today! The relationship between a home buyer or seller and their agent is based on trust, shared goals and understanding. I strive to continually improve and to do this I listen and take your needs and wants into consideration. You may contact Kwee at phone/text 941-716-3090. Your personal referrals help local students realize and achieve their dreams as well as provide children and families with Clean Water in 3rd world countries.