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The Home Mortgage Process Made Stress Free

There’s no doubt the mortgage application process is stressful. But as with most things in life, the better prepared you are, the less stress you’ll encounter. If you’re thinking about buying a home, now is the time to start preparing.

Your Credit Report

If you haven’t looked at your credit report recently, request a copy from all three credit reporting bureaus today. Then scrutinize each for even the tiniest discrepancies. Complete the agency’s dispute resolution process for any that you find. Discrepancies take a while to clear up which is why you want to start this process now rather than later when you’re trying to close on your dream home.

Now is also the time to research and familiarize yourself with homes in your price range as well as the different mortgage products. Think about where you want to live, what features you require (certain number of rooms, etc.), and how big a mortgage payment you can handle each month.

Apply for a Mortgage

Once you apply for a mortgage, you’ll need to provide mountains of documentation to back up everything you say on the loan application. Plus you’ll have to sign forms that allow the lender to access your credit report and take whatever steps are necessary to verify everything on your application. So gather these important documents now and keep them someplace easily accessible:

  • Bank information including institution name, address, and all associated account numbers PLUS bank statements going back 3 months for every bank account listed.
  • Account numbers and current balances for all your debt including auto loans, student loans, credit cards, etc. 
  • Proof of employment and proof of income such as recent pay stubs or W-2s.
  • Three months of investment statements.
  • Court documents that affect your income such as divorce papers and child support/custody agreements.
  • If you’re self-employed, gather your tax returns and balance sheets.
  • Purchase contract (once you make an offer) plus a receipt showing that you put down a deposit in good faith.