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Step 1
FIND A LENDER - If you have good or excellent credit it is best for you to look for a mortgage loan at your own bank. Call the bank that you have been using the longest and let them know what your plans are. You can purchase a home, land or build your own home. If you are building your own home, many lenders will loan you enough money to cover the land and cost of building and you will not be required to start making payments until the structure is completed if you have good credit.
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Step 2
GATHER THE PAPERWORK - Normally a lender will require a lot of paperwork from you to prove your income and credit history. You will be required to sign a document giving the lender permission to check your credit. You will need to provide proof of income and assets. Things such as paycheck stubs, prior taxes and bank statements may be required.
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Step 3
FILL OUT THE APPLICATION - Read everything carefully. Your loan agent will help you fill out the application. Do not sign it until everything is filled in correctly or N/A is placed in boxes that to not apply to you. The lender should be able to process your application quickly and will let you know how much you qualify for. You can then get a real estate agent and start looking for a home in your price range. The real estate agent may want to see a letter from your lender stating that you qualify. Good luck applying for a mortgage loan!
Comments
kristara said
on 9/15/2009 Great loan info 5*
eclecticprof said
on 4/12/2009 A good mortgage broker can make all the difference. Call around and get the best rate, and most professional lender! Thanks for this article!
goodselfme said
on 4/11/2009 Good tips on getting a mortgage loan.