Banks
For most would-be borrowers, the challenge is not in finding a mortgage lender, but in sorting through the throngs of banks, online lenders, mortgage brokers and others eager to take your loan application. One important decision will be whether to pursue a mortgage on your own or to use the services of a mortgage broker. While a good mortgage broker can shop your loan among several lenders, it's important to understand that brokers don't have special access to deals that are unavailable elsewhere. Mortgage Advice & Articles. The process of applying for a home loan reveals a great deal of your personal financial information that you might otherwise wish to keep private. Most lenders use a standard form with fields for identifying information, the property description, income, assets and debts from all applicants. Other Tips for Mortgage Applications. Before you fill out an application for a government-sponsored, first-time homebuyer program, have your lender explain the requirements. Many have income thresholds and most require you to complete some form of homebuyer education program. Applying for the Mortgage: Information Banks Want to Know. Completing a mortgage application can be an intimidating task, especially if the borrower is uncertain of what information will be needed. Here are some key factors that lenders consider during the application process: 1  Credit Report. 1 The amount of a borrower's credit accounts can make a difference when applying for a mortgage. 2  Avoid closing current accounts or applying for new ones, as this can make the lender suspicious. 3  Down Payments. 4  The more money a borrower can afford to pay up front, the more likely they are to be approved. When and where to apply for your mortgage. You can meet with a mortgage lender and get pre-qualified at any time. A pre-qual simply means the lender thinks that based on your credit score, income, and other factors, you should be able to get approved for a mortgage. It’s informal and totally non-binding. Your income and debts. The first step in preparing to apply for a mortgage is to document your monthly income and debt payments. You’ll need to provide at least two weeks of pay stubs to your lender, so it doesn’t hurt to start collecting those. With HECM loans, the older the senior applicant, the greater the loan amount he or she can apply for. If, for example, the equity on your home equals $250,000 you can qualify for a $110,000 loan assuming you are of minimum age. At 76 years old, your new qualifications can get you a $149,000 loan. The actual loan amount is derived from the FHA’s mortgage limit in your area. Mortgage Library: Mortgage Application. Once you have decided to go with a certain lender and signed a purchase contract, it is time for an actual credit approval verifying income, liabilities and your ability to repay the loan. Most loan applicants go to their loan interview with a signed copy of purchase contract. Click on the Loan Application Checklist for a list of documents most lenders will require in order to process your mortgage application. Typically, you will complete the Uniform Residential Loan Application, that is widely used in the mortgage industry, during the initial interview. Applying for a mortgage loan is a process. The first step is to request a Loan Estimate. To receive a Loan Estimate, you need to submit only six key pieces of information: 1  Your name. 2  Your income. 3  Your Social Security number (so the lender can check your credit). 4  The address of the home you plan to purchase or refinance.  Applying for a mortgage loan is simple. Whether you are purchasing or refinancing, it is important for you to understand how the process works before contacting a lender or broker. The application process will involve some work on your part. 
http://www.bankrate.com/finance/financial-literacy/finding-the-best-mortgage-lender-1.aspx https://www.lendingtree.com/mortgage/applying-for-a-home-loan-article http://www.mortgagecalculator.org/helpful-advice/ups-and-downs-with-mortgages.php http://www.moneyunder30.com/your-first-mortgage-how-to-apply-and-get-approved http://www.reversemortgageadviser.com/requirements-application-qualifications-needed-apply-reverse-mortgage.htm http://mortgage-x.com/library/application.htm http://www.consumerfinance.gov/askcfpb/144/what-do-i-have-to-do-to-apply-for-a-mortgage-loan.html http://www.ehow.com/how_2312223_apply-mortgage.html
where do you go to apply for a mortgage