Θ Preparing for The Loan Application

Preparing for the Application

Straight Talk:

Now you're getting warmed up and on a roll. We know you're thinking, "This is pretty easy stuff!", and in fact it is.

You should have an idea of the type of loan that you need for your credit. Knowing this is very important and while some facts are universal some are specific to the type of loan you're applying for. If you don't know yet, use the FHA product as a guide since it is typically the most frequently used loan for first time home buyers.

Complete you loan application. Be thorough.

Get your current and prior landlord information together for the last two years. Be sure to include accurate addresses, dates and phone number as this information will be verified.
Get your employer names and dates of employment right, with addresses and contact phone number. Again, for the last two years.
Get your income right. Use a 12 month average for current income. If you're on commission average it out over 12 months. If you get a bonus, average the bonus out over 12 months.
If you get child support, include that in the other income, but only if its being paid!
If you get social security benefits, again include the accurate details of the benefits.
List all of your accounts. Include the Institution name, address phone number and account numbers. All balances should be the most current or average monthly balance.
List your vehicles and misc. off road equipment and estimate there present market value.
Estimate the replacement value of your household goods.
List your creditors. List the name, addresses and account numbers for all who extend credit to you. Do not include your utilities, car insurance, cable, cellular or other miscellaneous household expenses.
Be accurate in general.

Now, refer to your checklist you should have printed out for the documents you need to provide at application.

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