Complete the Home Loan Application
- This article describes how to conquer the home loan application process. It’s part of our six-step guide to obtaining home mortgages on Florida’s Emerald Coast.
Completing the Home Loan Application
You will need to fill out home loan application forms from your lender in order to get a mortgage. Then again, if the lender has already pre-approved your loan, you may have already completed this step. In effect, your lender will use the information on the application to decide if you are a good loan candidate and to decide how much money they will let you borrow.
- Lender – The financial institution that makes the loan to you.
- Mortgage Broker – An independent contractor who offers the loan products of different lenders. The lender pays the mortgage broker to work with you directly and provide customer service.
- Underwriter – An “underwriter” or analyst will look at the numbers, ensure the paperwork is in order, and give approval for the loan. Sometimes, there is also a loan approval committee that reviews the underwriters’ conclusions. This is known as the underwriting process.
Documents you need to provide with your home loan application
You’ll need to provide your mortgage broker with copies of the financial information you collected in step one – Begin the Mortgage Application Process. They’ll need documents from everyone listed on the loan. This may include:
- Drivers’ license or other forms of ID
- Two years of W-2 forms from your employer
- One to two years of tax returns
- Pay stubs reflecting 30 days of income
- Credit card statements and statements from other types of loans (student loans, boats, automobiles)
- Three months of bank and money market statements
- Statements from brokerage, mutual fund, and retirement accounts
- Proof of other sources of income (pensions, social security, disability payments, alimony, trusts, bonuses, rental income, etc.)
- Security accounts (stocks, bonds, life insurance)
- If you are applying for a second mortgage or home equity line of credit, copies of existing mortgages
In addition, after you’ve found the home you want to buy and are ready to move forward, you’ll need to provide a copy of the home purchase contract. This contract should be signed by you and the seller.
As they review your application, it’s not unusual for the lender to request additional documents. Therefore, make sure you return your mortgage broker’s calls promptly. As a result, this will keep the application process moving forward.
What Should I Do Next?
Do you have questions about how to buy a new home on Florida’s Gulf Coast?
Call Thomas Williams at (850) 258-8670 or contact us online.
We specialize in homes, condos, waterfront properties, golf course homes, foreclosures, commercial real estate, new home construction and property developments. Our service areas encompass prestigious coastal communities in Northwest Florida. This includes Destin, Rosemary Beach, Seaside, Watercolor, Watersound, and Alys Beach. It also includes Panama City Beach, Pensacola Beach, Fort Walton Beach, Okaloosa Island, Navarre Beach, and Santa Rosa Beach. In addition, we serve other popular communities like Niceville and Freeport. They retain the old Florida feel and are close to the beach, bay, and rivers. Learn more about Florida’s Emerald Coast.