Sooner or later, if you’re buying a new home, you’re going to come face-to-face with the mortgage application checklist.
Sure, it’s a long list and a bit overwhelming when you first see it. Take heart, though. Like most things in life, it’s not nearly as bad as it first appears.
Tip #1 – Think of It as a Check-Up
Gathering all this information and documentation, it’s like a physical for your finances. You and your lender will both want to make sure you’re in good financial health before purchasing your first home.
Tip #2 – Don’t Hide Anything
Disclose everything and be perfectly open and transparent. There’s little if anything your lender hasn’t seen before. What’s more, trying to hide a black mark can actually do more damage to your application than the black mark itself.
Tip #3 – Update Old Information
If you’ve been pre-approved for a mortgage loan, you may feel you’ve already provided a lot of the required documentation and information. Don’t be surprised if you’re asked to provide updated information on a few items before closing on your new home.
Tip #4 – Cross Off Irrelevant Items
A lot of the items on the list just won’t pertain to you and your situation. Cross them off. Working from a shorter list will make things feel much more manageable.
Tip #5 – Ask Questions
Your lender will be happy to help you with the checklist, and a few questions here and there may save you hours of research and worry.
First-Time Home Buyer’s Guide
If you’re thinking about buying your first home, a great place to start is with our First-Time Home Buyer’s Guide, which provides all sorts of advice, tools and tips for the home buying journey. It will give you a clear picture of what to expect all along the way. View or download the guide today for the information you need to make a sound financial decision.
Heartland Bank is a family-owned bank located in 15 communities across the heart of Nebraska. Its vision is to improve the lives of customers, associates, and communities. Heartland Bank is a six-time recipient of American Bankers' Best Banks to Work For award.
