You have already found the house of your dreams, and now it is time to arrange for the financing of that dream home. This means that it is time for you to file a home loan application.
In today’s fast paced world, many people take advantage of the Internet, and with some lenders, you may make a home loan application right on the Web. Granted, you will have to be ready to supply them with a lot of information, as they do ask a plethora of questions.
The first thing you will have to enter is of course your name, and the name of your spouse as well, if you have one. They will need to be able to reach you, thus your telephone number, your current address, and your email address are going to be important.
You have already obligated yourself to purchase a home, thus you will need the address of the home and the home’s agent that represents the seller so that the lender can make arrangements to see the home to make sure that it is in good condition and worthy of instituting a loan on it.
Some of the most important items that will be on a home loan application will be your income for your household, thus this will also include your spouse’s income. This income needs to be verified, thus you will have to give them who you work for, and how to reach them for verification purposes. Perhaps, you have been notified that you are getting a raise by a certain date. Be sure and include that in the application, and show how it can be verified, even if you have not received it yet. Should you work for yourself, you will also need to supply the lender with that information as well as your accountant’s information so that they can verify your income stream.
The application will ask for your various payments that you must make, how much is owed, to whom you make the payments, and how to reach those creditors complete with account numbers. You may, for instance, owe money on your means of transportation.
You will have to agree that they may investigate your creditors, as well as your job. Make it as easy as possible for all verifications, as this will speed up the process. As for your banking records, you will need to acquire those yourself and turn them into the lender. Remember that even if you have a part-time job in addition to your regular work, this will count toward your income, provided you can prove stability of that job. Do not forget to list bonuses either.
Some banks require for you to give them proof of marriage, thus be sure that you have that on hand. This is especially true if your spouse is going to be responsible for that loan too. Also be sure to point out any extenuating circumstances that will change your