From the outside, the mortgage process can undoubtedly seem complex. At Golden Lenders, our specialty is guiding our clients through the mortgage application process from start to finish to ensure positive outcomes. We want to offer our clients peace of mind throughout this otherwise potentially stressful situation. As such, we have created this blog series to take a deep dive into everything you’ll need to successfully complete your mortgage application.
Information Needed for Mortgage Application Submission
In this first post, we’ll focus on the information required to complete your mortgage application. Once the application is submitted, you will need to supplement that information with documentation that we outline in the second post of this series. For now, let’s get started with the most common pieces of information you’ll likely need to provide as you complete your application.
- Basic Information: Full name, SSN, date of birth, and phone number.
- Family Information: Marital status and number of children along with their specific ages.
- Residence History: A detailed look at your residence history preferably extending over the previous two years at minimum.
- Renters: Provide monthly rent payment.
- Current Homeowners: Provide tax figures for all properties in your name.
- Down Payment Assistance: Confirm whether any portions of the down payment will be gifted or borrowed.
- Employment Information: A detailed look at your employment history ideally extending over the previous two years. Don’t forget the basics, such as address, company name, phone number, and your title.
- Income Information: A detailed look at your income history over the previous two years. Commonly requested information includes salary, commission, bonuses, and any self-employed income.
- Debt Information: A detailed outline of your current debts along with the remaining balance for obligations such as student loans, cars, other mortgages, child support, and alimony.
- Financial Standing: To gauge your current financial standing, you may be asked to provide balances for checking, savings, retirement, and investment accounts.
- Bankruptcy and Foreclosure History: Have you filed for bankruptcy or had a foreclosure within the past seven years? If so, be sure to list the specifics of the situation in your application.
As you gather this information, be sure to refer to part two of this series to get a sense of the documentation that will be required to verify the information you submit with your application!
Simplify the Mortgage Application Process with Golden Lenders
Golden Lenders helps home buyers in Colorado, Florida and California understand the different types of purchasing options that are available and provides loans to help people achieve the dream of homeownership. Since the specifics of which purchasing method to choose is dependent on a variety of factors, we encourage you to call us for more information and find out which is right for you. Our number is (303) 482-2361, or you can send us a message.