It's time to apply for mortgage. Hopefully by now you have talked to a mortgage broker and been pre-qualified through a lender. Here are a few things you should know.

Mortgage interest rates, fees and other terms can vary widely. It's best to lock down the rates early in the process, but your Mortgage Broker can advise you on this. The Mortgage Brokers in our Office will ensure you get the best rates possible, specially when buying a home through us.

So you found a home you intend on buying, negotiated the contract and now that your offer has been approved you must apply for the mortgage within a specified time frame, normally three (3) days. You will be asked for several documents and other information that is need to process your Home Loan.

What you'll need when you apply for Mortgage

When you apply for a mortgage, the lender will want a lot of information about you (and, at some point, about the house you'll buy) to determine your loan eligibility. Here are some of the documentation you will need to provide:

• Bank information, name and address, your account numbers, and statements for the past three months.
• Investment statements for the past three months, if any.
• Pay stubs, W-2 withholding forms, or other proof of employment and income
• Tax returns, generally for last 2 years.
• Information on consumer debt (account numbers and amounts due)
• Divorce settlement papers, if applicable.

You will also be asked to sign authorization forms that allow the lender to verify your income, bank accounts, and to obtain a copy of your credit report. If you've already made an offer on a house, you will also be asked need to give the lender a purchase contract and a receipt for any good faith deposit that you might have given the seller, along with a copy of the check.

Finalizing the application

As your mortgage application is processed and finalized, your lender is required by law to give you several documents.

Your lender is required by law to provide you with the following documents:

Truth-in-lending disclosure. This disclosure includes a summary of the total cost of credit, such as the Annual Percentage Rate (APR) and other specifics of the loan. The APR includes the interest rate, points, broker fee, and any other charge you're required to pay.

A Home Buyer's Guide to Settlement Costs. This guide is a government publication that describes the closing or "settlement" process, associated costs, and your rights.

Adjustable-Rate Mortgage (ARM) disclosure. This disclosure includes information about terms and costs associated with an ARM, past performance of the index to which the interest rate will be tied, and the "Consumer Handbook on Adjustable-Rate Mortgages."

Annual Percentage Rate (APR) information. This is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fee, and any other charge you're required to pay.

Good Faith Estimate. This disclosure lists estimated costs you will likely incur in connection with the closing of your mortgage.

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