Preparing for Your New Home Loan

By Sheryl Landrum Columnist

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Buying a new home or refinancing your current mortgage can be stressful. The paperwork alone can be daunting when applying for a home mortgage loan; however, by following these few guidelines you can sail through the mortgage application and turn a stressful process into an easy one.

First of all, make sure your loan officer is a reputable one. A competent and trustworthy loan officer makes the home loan process a much easier and more pleasant one. Find a good one online, your real estate professional or through word of mouth. Make sure your loan officer is licensed and talk to more than one to ensure you are getting the right mortgage for your needs. Always ask for a Good Faith Estimate and a Truth-in-Lending Disclosure before committing to your new home loan. These documents will give you the loan terms, interest rates, and costs for your new mortgage.

Secondly, get your paperwork in order. Lenders will generally ask for two consecutive pay stubs, two years W-2s, two consecutive months of bank and asset statements (all pages), and a copy of your current mortgage coupon(s) and your insurance declaration page if you are refinancing. If your credit report has turned up any issues that need clarification, be prepared to write a letter of explanation or have one written for you by your creditor.

Being prepared for your new home loan makes the process a much easier one. By following these few suggestions you should sail through the process and have confidence in your new mortgage.

About the Author
Sheryl Landrum is a Senior Loan Officer with Charter Funding, Inc. in Carlsbad, California and a freelance writer on mortgage issues.

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