| Buying a Home - Securing a Mortgage Loan
Buying
a Home - What steps need to be taken to secure a mortgage loan?
The
first step in securing a mortgage loan is to complete a loan application. To do so,
you'll need the following information.
- Pay
stubs for the past 2-3 months
- W-2
forms for the past 2 years
- Information
on long-term debts
- Recent
bank statements
- tax
returns for the past 2 years
- Proof
of any other income
- Address
and description of the property you wish to buy
- Sales
contract
During
the application process, the mortgage lender will order a report on your
credit history and a professional appraisal of the property you want to
purchase. The application process typically takes between 1-6 weeks.
>> Learn how
to choose the right mortgage lender when buying a home
|
