Your lender will need a complete picture of your financial
situation to help determine how much home you can afford. You
and a loan officer will fill out a Loan Application, a document
that asks in-depth questions about you, your income, your assets
and liabilities and your credit as well as a description of the
property you wish to buy. The process will go much smoother if
you have everything with you when first meeting with the loan
officer.
Determining Your Down Payment
As part of the application process, you must state how much of a
down payment you can make. Obviously, the bigger the down
payment, the smaller the mortgage.
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What you will need for the
application.
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Source of down payment and closing costs.
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Agreement or contract of sale.
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Credit information.
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Employment history.
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Application fee. |
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Income information.
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Real estate owned.
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There are special situations regarding self-employment,
rental income and the like which require additional information.
Your loan officer can tell you what else you will need. If you
are in doubt, feel free to call and ask!
Application Fees
Typically, lenders charge an application fee which covers the
cost of a credit report, an appraisal of the property, and
possibly, determining if the property is located on a
floodplain.Some lenders may not charge an application fee, but may
increase the loan rate or other costs to cover these charges.
It's important to have a clear understanding of the services
covered by the fee and how they may be paid. |
