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Mortgage Application Paperwork

Mar 16, 2008
The first thing that you should know when you apply for a mortgage is that paper seems to rule this industry. There is a form, worksheet or document for every step of this process. It appears that mortgage lending will never become a paperless industry.

Before you start the process to apply for a mortgage, there is some paperwork of your own that you should generate and carry with you to the appointment with the lender of your choice. The first sheet is a list of all the assets that belong to you and their current value: life insurance policy, car, investment IRA or 401k value and other items of this sort.

Next, you will list all sources of income and their monthly amounts: gross salary, a part time job wage, overtime, commissions earned, payment to you for interest or dividends - anything representing real money coming to you consistently each and every month. If this mortgage will also be paid by a co-borrower, that person should make an identical list that gives assets and income NOT mentioned on your list.

Where Did All That Income Go? Lenders tend to be very nosey people. You will quickly find this out. There are no secrets when you apply for a mortgage. Page two of your list will be all the monthly commitments that you now pay out: rent, car loan, student loan, credit cards, alimony, etc. The lender will want to know your monthly minimum payments as well as your existing principal balance. There is no need to include recurring household expenses at this point. The cost of heat, electricity, telephone, cable, internet, and your food will be estimated later.

Now, the good news is that you do NOT need to mention certain funds that you regularly receive (child support payments, separate maintenance agreement amounts, alimony payments received or other court-ordered amounts) unless you wish to have them factored into the application. This would depend upon the amount of mortgage you need, your ability to repay the loan requested and your creditworthiness. Denial May Save You From Yourself

When you apply for a mortgage, there is an outside chance that you might be denied based on your creditworthiness, insufficient down payment, the ability to repay the loan or the amount of money you have requested. If your ability to repay the loan is the only issue, you can choose to disclose some - or all - of the child support, separate maintenance or alimony funds that you receive on a regular basis. You could also make the alternate choice to lower the loan amount you have requested from the lender.

If everything falls into place neatly and immediately, you will soon become a homeowner. The length of time that a potential borrower waits to hear from a lender is no indication of denial or acceptance of your request for the loan. At the time you apply for a mortgage, it is it is quite appropriate to ask the mortgage originator about the time frame for a response. If you reach the outside limits of that period, there should be nothing stopping you from making a phone call. Be prepared for a denial so that you can be ecstatic about your approval!
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