Documents Needed When Applying For a Mortgage
You are excited about the prospect of owning your own home, have worked hard to ensure your credit score is decent, and believe you are just about ready to discuss loan options with a lender. Before meeting with a lender, or going out house hunting, you need to start gathering the documents needed when applying for a mortgage. While some mortgage application delays are out of your hands, being proactive and having the documentation available upfront will ensure the process is as smooth as it can be.
While each situation is different, and some documents may not be necessary for your loan program, here is a generic list of the documents you will need to have handy when ready to begin the home loan process.
Required Mortgage Information:
Based on the new Qualified Mortgage rule, enacted by the Consumer Financial Protection Bureau, there are certain documents that loan officers will ask for in an attempt to eliminate risky lending practices. Some lenders may require more data depending on your unique situation and their lending policies. Below are documents frequently needed when applying for a mortgage?
Additional Loan Documents:
These are all documents that you should have access to in-case your lender wants to see them during the mortgage process. Some of these items you will need regardless of the type of loan requested while others may only be necessary based on the loan type. As a fail-safe, have as many of these documents in your possession and avoid possible delays. While not all-inclusive, this is a good representative list of additional loan documents you may need to provide lenders.
Refinancing / Own Additional Property Documents:
This is a representative list of documents you may be asked to provide if you are refinancing your primary residence or own additional property. If you utilize the same lender who originally provided your mortgage, less documents may be required. Each situation is different, and lender requirements can vary, so be prepared if you are asked to provide additional documentation or new forms.
The home mortgage loan process does not need to be difficult or confusing, and if you are working with a buyer’s agent, lean on them for quality advice. A little work on your part to ensure you have the documents needed when applying for a mortgage will speed up the process and ensure your experience is a good one. Keep reminding yourself the prize at the end of the process is your dream home or a refinanced home loan that better suits your current situation. As always, happy house hunting!
MD Properties - Qatar
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