NFM Lending is proud to announce that as a part of our effort to better serve the Hispanic community, our online loan application is now offered in Spanish. All Mortgage Loan Originators websites now feature the option to complete the loan application in English or Spanish. Simply click on the Apply Now tab on the website of your preferred Mortgage Loan Originator and choose between English and Español. This feature will allow our Spanish-speaking clients to have a smoother and more streamlined homebuying experience.
Recently, we talked about the third step in the home purchase process: finding your home. Once you have found a home you want to buy, the next step is to apply for your home loan. This is the time to assemble and submit all of your financial information and documentation to your lender for evaluation. Your Mortgage Loan Originator will help you figure out what documentation you need to provide, and ask you questions about your financing, so that you can submit the best possible loan application.
Ensuring a Successful Loan Application Once it’s time to apply for your loan, your Mortgage Loan Originator will request the following from you:
Proof of employment (written verification documenting a full two years of work)
Proof of income (pay stubs for the past 30–60 days)
Proof of income from another source (if applicable, applicant must submit three years’ documentation of social security, disability, pension income, alimony, or child support)
W-2 forms and tax returns from the past two years
All current mortgage information (if applicable)
Bank information (account numbers, branch address, and bank statements from the past 2–3 years)
Information about purchase contract (if completed), real estate certification, amendatory clause or deposit, and proof of rent/payment history on past or present mortgages)
Jennifer Cook, an NFM Lending Branch Manager in Louisiana, says that the most important thing to remember when applying for a mortgage loan is to be completely honest with your Mortgage Loan Originator.
“Things like child support, side business income or loss, etc., that are not disclosed upfront can create issues down the road. It is critical to provide all requested documentation in a timely fashion at application.”
Navigating the Loan Application Process The process of applying for a loan may seem complex and even overwhelming. According to Jennifer, one of the keys to a successful loan application is to work with reliable professionals that you trust.
“Make sure you are working with a lender and a real estate agent who you know and trust. Many people are seduced by super low rates advertised online, but when it comes down to it, a loan originator who gets all their leads via the internet or an 800 # doesn’t really care if you settle or not. They have no relationship with you personally or your agent.”
Working with knowledgeable real estate and mortgage professionals will help you greatly during the home purchase process. Your Mortgage Loan Originator can help you navigate what may seem like a confusing process, and help you make sure your loan has the best possible chance of being approved.
If you’re looking to purchase a home, the first thing you should do is obtain a pre-qualification. A pre-qualification can help you have a stress-free purchase transaction by letting you know how much home you can afford. Also, Real Estate Agents and even sellers often will only work with pre-qualified buyers.
What is a pre-qualification? A pre-qualification is a preliminary determination on whether the prospective loan applicant would likely qualify for credit under an institution’s standards and the amount of credit for which the prospective applicant would likely qualify.
What is the pre-qualification process?
Before taking a formal application, the prospective borrower will need to submit a pre-qualification request form or provide the following information to the Mortgage Loan Originator:
Borrowers’ social security numbers
Borrowers’ dates of birth
Borrowers’ email addresses
Borrowers’ phone number(s)
Current address
Previous address if in current residence for less than two years
Employer name and address
Previous employer name and address if at current job for less than two years
Gross income amount
Asset information (value of banking, investment, retirement, etc.)
Current expenses (housing, credit card and loan payments, etc.)
Current obligations
Current market value of primary residence, if it is owned by borrower
If refinancing, borrower also provides:
Year home was purchased
Original home purchase price
Total outstanding balance of all loans secured by the property
Estimated property value
Amount borrower would like to borrow
Once all the above mentioned items are submitted to your Mortgage Loan Originator, he or she will take all the items and enter them into a loan origination system (LOS). Then, he or she will review your expenses, debt, and potential down payments to determine how much house you can afford. After a loan amount is determined, he or she will advise you on your loan options. Please note that depending on your situation other documents may be needed.
If you have any questions on the pre-qualification process or would like to talk to a Mortgage Loan Originator, please click here.
Recently, we talked about the third step in the home purchase process: finding your home. Once you have found a home you want to buy, the next step is to apply for your home loan. This is the time to assemble and submit all of your financial information and documentation to your lender for evaluation. Your Mortgage Loan Originator will help you figure out what documentation you need to provide, and ask you questions about your financing, so that you can submit the best possible loan application.