|
Mortgage Loans . . .
Your Path to Home ownership in New Orleans,
Louisiana
 Listed
below is the criteria and paperwork usually required for mortgage
home loan applications which will help you understand the loan
process.
Lenders consider many things in deciding whether to extend a
mortgage loan. Not all lenders use the same factors. But there
are some common guidelines that mortgage lenders use when evaluating
real estate mortgage loan applications:
Capacity - Mortgage Lenders will review your employment history
to determine if you have the capacity to repay your debt obligations.
How long have you been working at your current job? How much do
you earn? What is your future earning potential?
Credit - Mortgage Lenders will review your credit history, consider
how much debt you have incurred, and how you manage your debt
responsibilities. How much do you owe? Do you pay your monthly
bills on time? Are you consistently late in paying bills?
Character - Mortgage Lenders will look at how you pay your bills.
They will also take into consideration any history of lawsuits
or bankruptcies.
Collateral - Mortgage Lenders will evaluate the value of the
property, a source of protection for the money they lend. The
lenders want a guaranty that they will get back the money they
lend. Is the property worth the risk? What are the chances that
the property will decrease in value?
Required Paperwork
To apply for a mortgage loan, you will have to provide the mortgage
lender with detailed documentation of your financial history.
The lender will request a credit report from a credit agency and
will verify the information provided in your loan application.
Be prepared to give your lender:
1. Social Security numbers for both you and any co-borrowers
2. Copies of checking and savings accounts statements for the
past six months
3. Evidence of any other assets such as bonds, stocks, or money
saved in retirement programs (i.e. 401k or 403b program)
4. Recent paycheck stubs
5. W-2 withholding forms, or income tax returns for the past two
years to verify your income and proof of employment
6. A list of all credit card accounts and the approximate amount
you pay each month
7. A list of account numbers and balances due on outstanding loans,
such as car loans
8. The name and address of someone who can verify your employment
9. Residence history for the past two years
10. Sales contract for the purchase of a new home
11. Homeowner's association information with contact information
if property is a condo or part of a homeowner's association
Click-here
for Property Appraisal
|
