Mortgage - Home Mortgage

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Home Mortgage Application

One of the most important aspects of a home mortgage is one that most people don’t pay much attention to: the application. The application is vital to the mortgage process because it determines if you get a mortgage, what sort of mortgage you get and what you will pay.

Many people fail to get the mortgage they want or find themselves paying more than they want because they don’t properly fill out the application. Some individuals even find themselves turned down for a mortgage they qualify because they failed to fill out the application properly.

This means that you need to pay very careful attention to the mortgage application and take your time filling it out. Carefully reading the mortgage application and filling it out properly can save you a lot of grief during the mortgage process.

What to expect on the application 

The typical mortgage application is a short form often filled out online. This form asks you for a variety of information required for getting a mortgage including your name, your job information, identification numbers, and so on.

The major information the mortgage company wants on the application is proof of identity and proof of income. The mortgage lender will need to know who you are and ask you to prove it by providing your driver’s license, social security and other identification numbers. The mortgage lender needs this data so it can verify your identity and prevent fraud.

Obviously the mortgage lender will want to verify your income. They will need to know if you have the means to pay the mortgage. Generally, the mortgage lender will need proof of employment and bank account information to verify your income.

The application will also ask for your permission for the mortgage provider to run a credit check. The mortgage provider will need your credit history in order to determine what mortgage interest you qualify for.

What to look for on the application

You should pay careful attention to the application because filling it out wrong can lead to real problems. It’s a good idea to read the application through before filling it out so you will know what you’re filling out and how to fill it out.

If you don’t understand something on the application ask about it. A legitimate mortgage provider should be happy to answer all of your questions.

Watch out for identity theft

Always make sure that you’re filling out a real mortgage application that will be submitted to a legitimate mortgage company. Identity thieves sometimes use fake mortgage applications to get people to give them their information.

This means you should confirm that a mortgage lender is legitimate before you fill out an application and send it in. In particular be suspicious of mortgage applications that aren’t specific but require you to provide information such as bank account numbers and Social Security numbers.