If you are like most homebuyers, you are going to need a mortgage loan in order to buy a house. This is not something that people do often so here is an overview of the loan application process which is a major leg in the home buying journey.
Appointment
Make an appointment with a mortgage lender.
Application Fee
Be prepared to pay an application fee, covering cost of appraisal, credit report and processing fee.
Employment
A month’s worth of pay stubs several year’s tax returns/W-2 forms are needed to verify income. A profit-loss statement may also be required if self employed.
Bank accounts/Financials
Bring most recent three months statements for financial accounts, showing names and account numbers, for any checking, savings, mutual funds, stocks or other financial assets.
Outstanding credit/loans/mortgages
Bring any forms showing account numbers, addresses and balances
Landlord information
Bring Landlord name and contacts information if renting
Real Estate Contracts
Bring all real estate contracts with you including copy of the accepted offer, counter offers – all of it. Names of listing agent and selling agent is also needed as well as phone numbers for both.
Additional items may be required by lender. Be sure to respond to requests for additional information quickly.
Make NO major purchases
Remember, your finances are under review at this time and any new major purchases by you can upset the income/debt ratio and cause problems with your loan approval.
This overview is to help you understand what is needed for loan application and approval.
While the real estate contract portion of the process has been complete, your loan is not closed and keys are not given until closing day. Your agent can help you prepare by informing you of what you need to bring to that great event, including a certified check for the amount owed at closing, along with other items. They’ll attend the closing with you and can help after the sale with any home-related issues like needing vendors for remodeling/repairs through our Concierge Desk or just to keep in touch. A First Weber agent’s goal is a happy, repeat customer or client.
For more information on home mortgages in Wisconsin, see Shelter Mortgage, our partner.
Thanks for reading the First Weber Wisconsin real estate & Wisconsin living blog. For Wisconsin real estate for sale, please see firstweber.com. To learn about life in Wisconsin, check out our relocation category or our weekly community events in Wisconsin posts. To learn more about First Weber, please see our about us page.
photo credit https://www.flickr.com/photos/lendingmemo/11442453873/