Applying for a mortgage application is the next step in purchasing your home. At this point, you already have a pre-qualification. If you feel comfortable with the bank or broker you pre-qualified from, I recommend returning to them. You probably feel comfortable with them and, at this point, have a little bit of history established. If not, then consider qualities like their availability, knowledge, and professionalism in finding another bank or brokerage.
To fill out a mortgage application, the bank or your mortgage broker will verify your income through W-2s/1099, Tax Returns, Paystubs, pension, or social security award letters. They will also verify the assets used to purchase the home by collecting two months of bank statements. If a family member is gifting you some money to buy the house, the bank/mortgage broker will need a letter from the family members.
Once the application is signed, it is submitted to the underwriter. The underwriter will approve or decline the application. If you have been pre-qualified, you are more likely to be approved. Once approved, the bank will issue a commitment to lend you the money to buy the home. This commitment usually comes with minor conditions, as they may ask for another pay stub or bank statement. They may also ask to pay off a small balance to increase the ratio of acceptance. After all the conditions are met and documents submitted, the bank will give you a clear to close so you can move on to the next step in purchasing your first home.
If you are in the market for a mortgage broker, we recommend Richmond County Mortgage (RCM). RCM’s mission is to serve its customers with honesty, integrity, and competence, focusing on client education.
Like we always say, the home buying experience is different for every buyer. To get a customized, comprehensive consultation, contact us at staff@martino-realty.com or follow us on Instagram at Martino Realty Group.
