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How Do I Apply for a Mortgage?

Mortgage applicationWhether you are a first time home buyer, looking to refinance, or you haven’t owned a home in quite a long time, you may not know exactly how to go about applying for a home loan.

Tackling the mortgage process may seem like a daunting task, but we promise – it’s completely doable!

How to Apply for a Mortgage When Buying a New Home

If you’re planning to purchase a new home, we always suggest you start with the financing before you start the search for a new place to live. By completing the mortgage process, you’ll gain a clearer understanding of your credit, what you qualify for in terms of sales price, and how much you can realistically afford to spend on a hew home.

In some cases, if your credit is not where it needs to be, it will be beneficial to have a company like Maple Tree that will assist you with your credit so you can be ready and in a good position to make a home purchase when you find that perfect house.

Starting the Mortgage Application Process

Step 1: Meet with a Mortgage Company

When you’re ready to apply for a mortgage, your first step will be to meet with a mortgage company. You’ll need specific information such as your Social Security Number, Date of Birth, valid address, and employment information. In most cases, this initial meeting can be done over the phone in order to get a pre-qualification letter. You likely won’t have to produce your documents while your credit is being checked, but it’s a good idea to start gathering them.

This helpful list of documents you’ll need to apply for a mortgage can help you prepare. 

Step 2: Credit Review and Financial Profile Analysis

After your initial meeting with the mortgage company, your credit will be checked and your financial profile will be reviewed. This helps the mortgage company to determine how much you can realistically afford to pay and how reliable you are when it comes to paying back loans.

Once your credit is pulled and your financial profile have been reviewed, the mortgage company will give you an idea of how much you can afford based on your debt-to-income ratio. These ratios vary based on loan product.

Learn more about the different loan products available for homebuyers in New York State.

Step 3: Pre-qualification Letter

Based on your credit scores and financial profile, the mortgage company you are working with will provide you with a pre-qualification letter. This letter essentially indicates the amount of mortgage that you can expect to be approved for when you ultimately move forward with purchasing a home. It is not a guaranteed amount, but it will give you a good idea of how much you can realistically expect to spend on a home mortgage.

Step 4: Find a Home and Get Approved for a Mortgage!

Once you get your pre-qualification letter, find the perfect home, and are ready to buy, your Mortgage Loan Originator will take your purchase contract, your documents (see below), and start getting you approved!

Documents that you should start saving/keeping when you plan to apply for a mortgage:

  • Most recent 30 days (Year-to-Date) paystubs
  • Last two years W2’s (Tax Returns if you are self employed)
  • Copy of your drivers license
  • Copy of your Social Security Card
  • Name and phone number of your insurance agent (if you don’t have one in mind, ask your current auto insurer to see if they can give you a discount for having both home and auto insurance)
  • Human Resource Contact Information (this is for Verification of Employment)
  • Last two months bank statements (Must have your name, bank name, and account number)
  • Name and number of your attorney that will represent you
  • If you have a current mortgage, save a copy of your most recent statement

This is a good start. Sometimes it can take a while to find your documents so gathering them ahead of time can save you a lot of time and help you get into your home or refinance your loan more quickly.

Ready to Get Started? Apply for a Mortgage Today!

At Maple Tree Funding, we’re here to help you make the mortgage application process as easy and stress-free as possible from start to finish. We’ll guide you and answer any questions you might have along the way as we work together to secure financing for your next home purchase.

You can get started with the mortgage process on our website right away. Fill out our quick application now! 

Have questions or want to talk to an experienced mortgage loan originator about what loan option might be right for you? Give us a call at (518) 782-1202 and get the conversation started today!

Related Resources:

Understanding the Mortgage Process: 6 Steps to Obtaining a Home Loan – Buying a home may seem overwhelming, especially if it’s your first time navigating the home buying process. We break the mortgage process down into 6 simple steps so know what to expect.

Preparing to Apply for a Mortgage – Find out what you need to do and what documents you’ll need to assemble to be fully prepared to take on the mortgage application process. Our list will get you ready to successfully submit a mortgage application.

Editors Note: This post was originally published in 2013 but has been updated as of July 2017.

Posted in FAQs on Wednesday, July 26, 2017 by Maple Tree Funding