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Shelly Summer Hudson, Exit Real Estate SolutionsPhone: (615) 668-8996
Email: [email protected]

What You Need to Know to Apply for a Bank Mortgage

by Shelly Summer Hudson 10/06/2019

Few people can save up the cash required to buy a house. If you're contemplating buying your first house, your first stop will probably be your local bank to inquire about a mortgage. When you talk to the mortgage officer, they will ask you to provide several documents. 

Various documents will be required at different stages of the application process, from pre-qualification to the final closing of the real estate deal.

What you need for mortgage pre-qualification

Getting pre-qualified for a home loan allows you to gauge how much you are eligible to borrow based on your income. It will help you be more realistic when shopping for a home and frees your real estate agent to scan through listings with confidence. Homeowners or listing agents will give your offer priority if backed by a pre-qualification letter. It is comparable to the bank vouching for you, saying you have the power to make the purchase. In order to become pre-qualified, your bank will ask for:

- Your full names and the names any co-buyer

- Your current address

- Your net worth

- Sources of income

- The estimated annual income of your household

- The estimated yearly household debt expenses

What you need for mortgage pre-approval

Pre-qualification is optional, though it comes with several advantages and literally costs you nothing to do. Once you're through with that step, you can move on to the actual mortgage application. The first step of that is to apply for pre-approval by filling the full mortgage application form. Below are some of the critical bits of information you will need to supply for this:

- All of your checking and savings bank account statements for the past few months

- Asset statements for items you will use as security for the loan

- Your current residential address

- Address history over the past two years

- Addresses and names of your landlords over the past two years

- Paycheck stubs over the past few months

- W-2 or I-9 forms for each of the past two years from your employer

- Two years of tax returns if you're self-employed

After submitting this information, there will be a waiting period at the end of which your application will be approved or rejected. If their response is positive, you can begin the process of closing the deal.

Contact your local bank and find out what you need to do to get a loan.

About the Author
Author

Shelly Summer Hudson

 My name is Shelly Hudson, I own/operate Hudson Homes and Properties with EXIT Real Estate Solutions. As a Realtor I bring extensive knowledge of the Real Estate Market, Interior Design and Vision to my career. I work in Middle Tennessee and surrounding counties.   My clients are important to me!!  You, as my client, means much more than a real estate transaction, it's about YOUR life and YOUR dreams.  

I was born in Nashville, TN.  Shortly after my family moved to Florence, AL only to return to Nashville 7 years later.  Having lived in Nashville now for over 30 years it is my "Home sweet Home".   I have many hobbies but among my favorite are traveling, football, golf, hunting, home remodeling and spending time with my family.

My education and training, in harmony with years of experience purchasing,owning and selling investment property allow me to excel at every level of the real estate transaction.  I am known by clients, customers and colleagues for drive, tenacity, perseverance and honesty.  Having a quick response time to each client's needs and concerns is also extremely important to me. I LOVE what I do for a living and consider it a privilege to help others navigate through one of the biggest endeavors of their life. Buying or Selling,I want to be there every step of the way for my clients.  Investment of Heart to each of my clients, that is my mission.

EXIT Real Estate Solutions - Hudson Homes and Properties utilizes the latest technologies, market research and business strategies to exceed your expectations.   Taking a different approach to Real Estate, I have earned the respect of colleagues and clients for my exceptional results. I have built my career on personal touches and positive results.  I am here for my clients from marketing and selling residential/income homes and land, to representing clients in new home construction. Serving the real estate needs of my clients and customers with commitment and integrity.