Quick Loan Approval Made Easy

By Debbie Wilson
Loan Page Columnist

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Obtaining a new home loan used to take weeks, even months, to obtain. But today, with many "alternate documentation" procedures in place, qualifying for a mortgage can be easy. And, if you follow a few simple guidelines, you could be in your new home loan before you know it.

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Documentation for Your New Home Loan Application

In order to make the new home loan application process smoother, it's important to gather critical documentation prior to shopping for a mortgage. Typical required documents include income items, asset items, and credit items, as well as other items that might possibly affect your ability to qualify for a new home loan.

» Income Items: Important income items you'll want to have ready include the last two years of W2 forms, federal tax returns, and pay stubs. Additionally, you'll want to have Profit and Loss statements, Corporation/Partnership returns, pension letters, and social security awards, if applicable.
» Asset Items: Required asset items, as they pertain to your new home loan approval, include statements from banks, 401k's, stocks, bonds, and mutual funds, as well as gift letters.
» Credit Items: Mortgage lenders will require detailed information on your current and recent residential leases. They will also ask for explanations for items that appear on your credit report--late payments, collections, judgments, bankruptcies, etc.
» Other: If you currently pay child support, alimony, or possess an FHA or VA loan, you'll want to supply your potential mortgage lender with those documents as well.

Having all these documents accessible will make the approval of your new home loan quicker and easier. Then you can spend less time worrying about whether you'll get the right mortgage and more time searching for the home of your dreams.

About the Author
Debbie Wilson owns and operates a lakeside resort. Debbie holds a B.A. in Business Management with a minor in Physical Education.

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