How do you apply for a mortgage? First, assemble this information:
- Tax returns and bank statements for the past 2 years.
- W-2 forms for the past 2 years
- Pay stubs for the past 3 months
- Documentation of any long-term debts
- Proof of any non-payroll income
When you’re far enough in shopping for a home to make an offer, add these things:
- Address and description of the property
- A sales contract on the home
Identify lenders and submit a loan application. If your credit is frozen, be prepared to unfreeze it for the credit history and credit-rating reports the lender will order.
The lender will order an appraisal and (in some cases) possibly an inspection. Expect additional questions and clarifications as they go through the process of evaluating your ability to repay the loan.
The process usually takes more than a week, and delays of up to 6 weeks aren’t uncommon. Be patient, and keep copies of everything.