How to Fill Out a Home Loan Application

Video Transcript

"Filling out a home loan application, can be a difficult task. I'm Richard Blake, and I'm here to explain to you, how to fill out a home loan application. I highly recommend that you contact your local mortgage broker. Set up a time with them, and sit down, and take your time with filling out this paperwork, as obviously, this is one of the most important purchases of your life. A rather large one, so it would be important to do things properly the first time, which your mortgage broker will be able to assist you with. A few items to bring with you for this meeting, that will help expedite the process, as well as make you a number one client to the mortgage broker, because they'll be so happy that you know all this information ahead of time, are items such as your pay stubs, social security number, your W-2 forms, any type of income that you have shown, over the last, say five years. The second thing that they're going to want, is your credit cards, and any of your monthly payments, or any items that you are paying out, so you've got your income, and your debts, and basically, they're going to take those items, to fill out this form, and then they submit it to an actual lender, or to another bank, to review those, and see what your numbers look like, and then they're going to reply back to your mortgage broker, and let them know, based on those numbers, and that information, what you're pre-approved for. Your credit score is a very important element in this, as well as your income, so both of those items, go ahead and be sure to bring the paperwork with you. If you've had a credit report run in the past, or if you've had a previous lender or previous bank do it in the last six months, bring that with you. That will be extremely helpful, as well, and again, take your time on this. Talk to a professional. Consult your local mortgage broker, and they can help you out. I'm Richard Blake. I'm here to help you fill out that loan application form. I hope you have a great day."