If you need assistance, please call 540-793-4095

Preparing for the Mortgage Application

Friday, January 21, 2022   /   by Joe Johnson

Preparing for the Mortgage Application

learn 1.png

Buying a home is a huge step. Your mortgage will likely be the largest loan of your life, so it’s good to be prepared before filling out your application. Here are a few things you can do to make the process as smooth and straightforward as possible.
Prepare Your Documents
Before filling out the mortgage application, you’ll need to have a few financial and personal documents in hand. These include:
  • Your ID

  • Proof of stable employment and tax returns (recent pay stubs and the last two years’ W-2 or 1099 forms)

  • Other income sources or expenditures (pension, child support, Social Security, etc.)

  • Bank statements

  • Stocks and investments

  • Debts

These documents will give you and your lender a better understanding of your budget and its limitations. Additionally, they can help you obtain a pre-approval.
Additionally, you’ll want to make sure your credit score is in good standing. Every loan program is different, but most require a minimum FICO® score.

Expert Tip

A pre-approval letter informs sellers the mortgage payment won’t be an issue for you. It can spotlight your offer above others because it proves you’re a trustworthy buyer.

light bulb icon

What Will Your Loan Look Like?
Now that you have all your documents in order, it’s time for a quick self-reflection. Ask yourself:
  • What kind of loan am I looking for?

  • What do I want my loan’s rate and term to be?

  • Will my financial situation soon change? Am I expecting a promotion or marriage in the upcoming year?

  • How much can I put down as a down payment?

  • Will this loan match my long-term goals?

  • Do I have enough to cover closing costs?

These are only a few examples of the type of questions you should consider, but once you’re happy with your answers, it’s time to review your lending options.
Loan Programs
You have a lot of options when it comes to loan types. Selecting the best one for you comes down to your financial history, goals, and guidance from your Mortgage Banker. Learn more about some of the many programs below:
Application Technology
Did you know you can apply for a mortgage via a smart phone, tablet, or desktop computer? That’s right, the start of the mortgage process is right at your fingertips with our easy-to-use loan application and borrower portal.
The experience is quick and easy, and the data security features ensure bank-level encryption for your most serious financial information. Best of all, you can keep track of your loan’s status through live updates. Try it out today!
Obtain Loan Estimates
Now it’s time to fill out applications, but just because you fill out one application doesn’t mean you’re committed to that lender. So, complete several applications in-person, online, or over-the-phone for lenders you think might fit your interests to receive a Loan Estimate. By law, they’re required to send you the disclosure within three days of your submission.
The Loan Estimate gives you an estimated interest rate, monthly payment amount, and total of closing costs for your potential mortgage. Compare the disclosures, select the one that best suits your financial needs, and contact the lender to move forward with your loan.
The Process Begins
After you’ve found a home and selected your lender, the mortgage process will start to move a little faster. An underwriter will review and condition your loan. That means you’ll receive conditional approval for the exact dollar amount you qualify for before you make an offer on a home.
Once you and your family are finally in your new home, the entire mortgage experience will have been worth the time and effort. Doing a little research now will lend you peace of mind later!
Now What?
Find out how the Reiner Realty Team can help you find your new home!
Reiner Realty Group, Realtors with Lichtenstein Rowan
Rene Reiner
3621 Manassas Drive
Roanoke, VA 24018
540-793-4095
Joel Balsley
NMLS#210455
Licensed in VA
Office #: 540-278-1430
Mobile #: 540-597-8877
joelbalsley@atlanticbay.com


Featured real estate company is not a mortgage lender and so you should contact Atlantic Bay Mortgage Group, L.L.C. directly to learn about its products and your eligibility for such products. The featured lender has an affiliated business relationship with the featured real estate agent. You are under no obligation to use the featured lender for financing. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Opportunity Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.
Last updated; multiple times May 26, 2022. Information is deemed to be reliable, but is not guaranteed. Roanoke Valley Association of Realtors© 2022 MLS and FBS. Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this website does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed daily, but its accuracy is subject to market changes. All copyrights and intellectual property rights are the exclusive property of the Multiple Listing Service of The Roanoke Valley. Whether obtained from a search result or otherwise, visitors to this website may only use this listing data for their personal, non-commercial benefit. The unauthorized retrieval or use of this listing data is prohibited. The information on this sheet has been made available by the MLS and may not be the listing of the provider.
This site powered by CINC: www.cincpro.com