How to Apply for a Mortgage
3 Quick Steps to Completing a Mortgage Application Online
Filling out a mortgage application online may seem very easy. The truth is that no mortgage application, online or in person,
is ever that simple, so here are some tips on what you can do to make is easier on yourself.
- Prepare. Get all of your information together ahead of time. Have last year's taxes on hand, a pay stub, a bank statement,
your current creditors and account information. Be prepared and the arduous part of mortgage application completion will be
- Find the Site(s). Figure out which lender web site you are comfortable with before you fill out mortgage applications.
You may think you are being smart by filling out a ton of mortgage applications to find the best loan program, but if you
give your personal information to the wrong site, you could be in trouble. Choose wisely and you'll still get a wide
variety of loan program options.
- Be Thorough. Don't skip steps when filling out your mortgage application. Don't leave things blank or miss details.
Be precise and be thorough and the whole process will be better as a result.
How to Apply for a Mortgage Online
The internet has improved information sharing, especially about home buying, home ownership and mortgage applications.
Nowadays you can go online to almost any lender and learn the information they will need, the application process and
the rates and terms available to you.
This information and free data has also made the marketplace more competitive which benefits all consumers. After all,
with online lenders you can get dozens of mortgage and loan quotes from the comfort of your home without ever visiting
a local bank branch.
By arming yourself with knowledge about the process, and by keeping the personal information you need on hand, your
mortgage application process will be simple and straightforward.
Don't Get Frustrated with your Mortgage Application
Why are mortgage applications so painstaking, long and detailed? You are borrowing a huge amount of money here, and they
want to make sure they know everything about you. Here are the most important things on which to focus during the mortgage
- Employment Information – Mortgage lenders calculate their risk based on your habits and your employment and
income habits are of paramount importance.
- Credit History – First, you should know exactly what is on your credit report and what your credit score is
before you fill out a mortgage application. They will pull your credit report but sometimes, if a loan has been
paid off and not yet removed, they will need explanations about debts that show up.
- Accurately report your expenses and payments. They calculate what you can really afford for a reason and rather
than trying to lie to get more house than you can afford, let your lender guide you on what will be feasible for your budget.
Differences in a Refinance Mortgage Application
What is the difference between a mortgage application and a refinance mortgage application? The nuances are minor but important,
so here they are:
- A refinance mortgage application related to a single property – the home you own whereas a mortgage application may end
up being used on any number of properties. Many mortgage applications are submitted to secure pre-approval and this means
it won't be associated with any single specific home. You will need all the information about your current mortgage to
move forward with a refinance so get together the documentation from your last closing.
With most refinance mortgage applications, you will have already chosen what type of refinance loan you want.
Your choices come down to various rates and terms or if you are want a “cash out” refinance. Some lenders
require proof of payoff for debt consolidation refinances or they require proof of the home improvements
completed with a home improvement refinance loan.
Refinancing is typically easier than home buying and if you are prepared, your refinance mortgage application process will be smooth and easy.
Downloading a Mortgage Application Form Online
If you are interested in looking at different mortgage applications before going through the process of filling them out,
you can look online or visit your local lenders for hard copy examples.
In many cases this is a great way to begin your information gathering. You'll need various forms and paperwork like pay stubs, bank account statements,
IRA statements and the like when you submit a mortgage application so getting one in hard copy is a sensible place to start.
You can download mortgage applications online and print them out with relative ease. If you don't have a printer, head out to your local
library and print it there. You can also visit your local lenders and ask for a mortgage application to take home for review.
Being prepared will ensure your mortgage application process goes smoothly.
How to Apply For a Mortgage in Florida
Did you know that each state has its own lending procedures? They also have their own loan programs and potential perks for
home buyers. It's always a good idea to fill out an application with a state certified mortgage broker. You never know what
kind of incentives your city or state may be offering for first time home buyers, home restoration and repair or neighborhood
improvement. Filling out a mortgage application only takes a short amount of time and looking into regional and state specific
mortgage options may yield surprising results. Each state will likely have different procedures and processes. Read up and
learn about your state and the opportunities that may be available to you.
Three Things Not To Forget in Your Mortgage Application
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.
See It All – Get a Mortgage Application Online and from a Broker
You'll have more options than you want during your mortgage application process. You should absolutely use both online
and local resources at your disposal to ensure that you get the best mortgage quote.
- Submit a mortgage application to an online mortgage broker and you'll probably get at least three mortgage options
from which to choose. This means a little work for a lot of data.
- Submit a mortgage application to your local mortgage broker. Find out what your local options are and if there are
any state, town or regional specific programs that can help you.
Compare all of your options and make the best choice for your situation.
Resubmitting a Mortgage Application
Has your mortgage application been rejected by a lender? Don't let it get you down. Use it as an opportunity to learn more
about your credit and what you need to do to secure a mortgage application acceptance.
Don't be afraid to ask why your mortgage application was rejected. Let go of any embarrassment or humiliation and learn
from the experience. It could be credit issues, work history or income verification. Work with a consumer credit counselor
to rectify any issues before you re-submit your mortgage application.
Use the mortgage application process as a learning experience. You'll find a loan that will work for you. It may take some
additional time, but it will be worth it in the long run.
Submitting a 2nd Mortgage Application Online
If you are interested in taking out a home equity loan, the application process will be similar to that of your mortgage application.
First, look online for the best equity line rates and terms. Fill out online application forms with lenders you can trust. Online
lenders have tons of programs available to you'll get a lot of information back quickly.
Make sure you complete your second mortgage application thoroughly though. If you aren't completely honest and thorough, you may not
get accurate equity line mortgage quotes and you'll have wasted everyone's time.
Once you choose a lender, you'll get hard copy documents in the mail. You'll need to complete these in a timely fashion and get them back
to your lender. Home equity lines typically move much faster than mortgages so your closing will quickly approach.