Get Over Your Mortgage Application Anxiety

Have you ever looked at your mortgage application and suddenly felt your blood run cold? When you go over the form, you see a maze of numbers and financial data. You see lots of boxes in all sizes waiting to be ticked, and you feel that you might be missing something in the process. Yes, you have just instantly become one of the many customers experiencing the mortgage application anxiety.

The application process has changed over the years. Before, you sit down with a loan officer and fill out the application form by hand. Today, there are several ways to accomplish the application – in person or face to face, over the phone and online. The face to face application is the old way of completing it. You may opt to apply over the phone with a loan officer who can take down all the needed information and run it through an automated underwriting computer. The online application can do this simultaneously, although you may get a little confused with all the information you need to provide like mortgage rate quotes, credit status, income or salary and loan balances. The online application includes all the checklist of requirements and your social security number to be used in reviewing your credit history. In some cases, you can get an automatic approval if there is an automated underwriting feature set up with the application.

To aid your anxiety over the documents and information that you need to prepare, you may go over the checklist below and get everything in order immediately. Among the information required of you will be:

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1. Names you want to include in the title.
2. Social security number
3. Residence address and residence type and how long you have stayed there
4. Checking or savings account
5. Date of birth and marital status
6. Total years in school
7. Home phone number
8. Name of employer, length of tenure and business phone number
9. Position or title at work
10. Gross monthly income
11. Information about owned properties and loan balances
12. Reserves, or asset amounts used for closing

There may be legitimate fees like the appraisal deposit that you need to pay upon application. Sometimes, there are brokers or companies who collect lock in or application fees over the phone by your credit card, which can be a little suspicious, so be aware of this. It is important to take note that even if you have accomplished a phone or an online mortgage application, you will still need to sign the form for processing and closing. In these cases, the will company usually mail you the application form to be signed along with the rest of the other disclosures and you just have to send it back to them.