Preparing for Your New Home LoanBy Sheryl Landrum
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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.
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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