Mortgage Loan - How to Streamline the Application Process

If you are in the process of applying for a mortgage or refinancing your current mortgage there are steps you can take to ensure the process goes as smoothly as possible. Here are tips to help you along the way.

After you have selected a mortgage lender and a loan, you need to submit the application and required documentation. Applying for a mortgage is not a difficult process; however, there are potential hiccups that could delay your closing on the loan. If you are unable to close before the time frame your lender is guaranteeing your interest rate expires, you could miss out on the rate you selected.

Your lender may require you to document your income. This document could be in the form of pay stubs or tax returns going back two years.

If you are self employed your bank statements going back two years might be better than providing tax records; your mortgage lenders could discount a portion of your self-employment income.

If you receive any other income such as veterans compensation, child support, or Social Security payments provide documentation for this income.

To document your assets keep statements on file for any bank, investment, and retirement accounts you have.

Before applying for the mortgage request copies of your credit reports from the three credit agencies and make sure the reports are accurate. If you find errors you will need to dispute the errors prior to submitting your mortgage application.

By ensuring your documentation is in order and your credit report is error free you will ensure a smooth closing on your mortgage application.

Louie Latour is a mortgage professional and the owner of RefiAdvisor.com, a mortgage resource site offering a free gift for homeowners: "Mortgage Refinance: What You Need to Know." This guidebook helps homeowners avoid common mortgage mistakes and predatory lending practices.

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