Application materials

The loan application process requires considerable effort on your part. You will need to fill out a lot of paperwork and gather relevant documents in a timely manner. You will save yourself a lot of trouble if you go about putting these materials together in an organized way.

The paperwork you fill out is designed to introduce you to your lender. This is an important part of the loan application process, since this introduction (if accurate) will largely determine your mortgage eligibility. You will be required to tell your lender about your job, your savings, your income, your expenses, and your credit.

Your lender must take steps to protect themselves from fraud, so they must verify all of the information from your paperwork. For this reason, they will require that you provide documentation proving your claims on the application.

You should begin gathering these documents early in the loan application process. Things you will need include recent tax returns, pay stubs, statements relating to your debt, and bank account statements. Ask your lender for a more complete list. Sometimes, even after you have submitted your application, you will be asked for additional documents. Lenders are usually very thorough when they examine this information.

As you complete this stage of the loan application process, make sure that you keep records of what you submit. Make copies of all paperwork and verification documents and keep them in a large folder. Make a note of any conversation you have with your lender. This is a good idea for two reasons: record keeping is a good business practice, and it will be much easier to submit future applications if your application is denied or you are given unsatisfactory terms.