How to apply for a mortgage

How can I start my mortgage application?

If you’re in the market to purchase a home, then you want to make sure that you are well prepared to begin the process so that you can have a better idea of how much home you can afford. Applying for a mortgage may seem scary when you think about all of the steps that need to be taken, but it doesn’t have to be. Read through our guide and get in touch with the Owning team if you have any questions.

Are you ready to get pre-approved? getting pre-approved today today to get into a mortgage with a ridiculously low rate.

What will I need to apply for a mortgage?

Getting a mortgage pre-approval is a great way to give yourself peace of mind while searching for your future home. But it requires some legwork.

The application process for pre-approval requires a few documents. It’s a good idea to prepare in advance by gathering together all of your necessary documents. You’ll also need to check the requirements of the loan type you plan to apply for.

Your loan officer or real estate agent can help if there are questions or concerns. You can also contact the team at Owning to get any questions answered directly.

Do I need documents to apply for a pre-approval?

Having a pre-approval helps with the mortgage approval process because it provides your lender with the information they will need to process the mortgage. Essentially it is like a jumpstart for your home loan. It is also a good idea to get a mortgage pre-approval to get an idea of your house buying budget.

Here is a list of documents commonly (check with your lender for a more specific list for your application) needed for a pre-approval:

• Current pay-stubs: Lenders typically ask for a copy of your most recent pay stubs, (usually a month’s worth) so they can determine how much monthly income you currently have and help with showing proof of employment.
• Tax return: Your tax return (ex: W-2 and I-9 forms) shows your lender that you have a consistent stream of income. Usually lenders want to see two years of tax returns.
• Bank statements: It is common for lenders to want to see your checking and savings account info to learn if you have the cash to cover a down payment and closing costs.
• Identification: You will need a state-issued identification card, driver’s license, passport, or other form of ID to prove that you are who you say you are.

Additional documents may be required, but if you have the list above, you’ll be off to a great start!

How can I apply for a mortgage pre-approval?

Having all of your documents ready for submitting to your lender will make the turn around process on your mortgage pre-approval more expedite. The good news is that applying for a mortgage pre-approval does not have to be a time-consuming or daunting process. Do your research and ask lots of questions to find a lender that fits your needs.

If you’re looking for more home buying guidance or you would like to get started with an application, reach out to us today.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Owning does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Owning. Owning its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.