Mortgage Moment - The Mortgage Process

Michael Holigan: The mortgage process can be a long, drawn-out process, so let's not do that. Let's make it as easy as possible. We're going to do that today and discuss how important it is and what to watch for and how to make it simple.

We're going to start out with "no children". That doesn't mean you can't have kids. That means don't bring them with you when you go visit your mortgage loan officer. It's a long process. You have a lot of paperwork to fill out. They're going to explain a lot of things you've never heard about before, so don't bring the kids and have to be watching them at the same time.

Two years of personal papers. That means bring your bank statements with you for the last couple of years. They want to know how money moves in and out of your account, how good you are with it, what you spend it on, that type of thing. So two years, not just last weeks. They want to see what you've had, not just what you have right now.

Take your checkbook. You're going to have to write a check for an application fee and for an appraisal fee, so bring your checkbook with you.

Don't come in there empty handed. Take a copy of your contract. That's whether it's with a builder or with a real estate agent on an existing home. Bring a copy of your contract so they can get all of the financial numbers off of it and figure your mortgage correctly. Get your needs list. Start this by telephone. Ask your mortgage lender what do you need to bring in. But once you get there get an exact list of what you're going to need to get approved and return that within the next 24 to 48 hours. Tear through your attic, go through any boxes you have to get, but get that paperwork to them because you can't get approved without the needs list finished.

Also, plan enough time. And hour to an hour and a half. That's how long it's going to take to make loan application, go through all of this paperwork, get everything explained to you and make this as easy and as simple as possible.

Episode 016 1995 - 96 Season

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