Filling out mortgage applications is a pain. Don't get frustrated or impatient though. A little time up front can mean big savings down the line. Here are some tips on what to prepare before you fill out your mortgage application. If you have this stuff on hand, you'll make the process much easier.
- Residence History – Where have you lived over the past few years and did you rent or own? This is reflected on your credit report in most cases but lenders will want to know how long you have lived in a given location, if you rented etc. so they can make sure you are a viable credit risk.
- History of Employment – One way a lender determines your legitimacy as a borrower is by looking at your employment history. If you have been consistently employed at a given salary for a good period of time you present a more viable credit risk.
- What are your assets? Collateral can be a big piece of whether or not you get a loan. Do you have a car? Bank accounts? An IRA? All of these will affect your ability to get a home mortgage.
If you have these items prepared ahead of time your mortgage application process will be much more efficient.
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