What to Expect When You Submit a Mortgage Application

by Leanne Beliveau 12/03/2018

Applying for a mortgage may seem like a long, stressful process at first. Fortunately, we're here to help you take the guesswork out of submitting a mortgage application.

Now, let's take a look at three tips to help you streamline the mortgage application process.

1. Ask Questions

A bank or credit union likely will ask you to provide a wide range of information as part of the mortgage application cycle. And as you complete a mortgage application, you may have questions along the way too.

Remember, a lender is happy to help you in any way possible. If you ever have concerns or questions as you complete a mortgage application, you should reach out to a lender for expert support. That way, you can reduce the risk of potential problems down the line that otherwise could slow down the mortgage application process.

Even a single mistake on a mortgage application may prevent you from getting a mortgage. Perhaps even worse, a delayed mortgage application may force you to miss out on an opportunity to acquire your dream house. But if you reach out to a lender as you complete your mortgage application, you can gain the insights you need to quickly and effortlessly finalize the necessary documentation to obtain a mortgage.

2. Be Thorough

A mortgage application may require you to look back at your financial and employment histories and provide information that a lender will use to determine whether to approve or deny your submission. Meanwhile, you should be ready to provide a lender with any requested information to ensure a seamless application process.

As a homebuyer, it is your responsibility to include accurate information on your mortgage application. In fact, failure to do so may cause a lender to reject your mortgage application. If you allocate the necessary time and resources to dot every I and cross every T on your mortgage application, you can boost the likelihood of a fast approval.

3. Shop Around

For homebuyers, it is crucial to check out all of the mortgage options that are available. If you meet with a variety of banks and credit unions, you can review myriad mortgage options and select a mortgage that complements your finances.

Banks and credit unions generally provide a broad array of fixed- and adjustable-rate mortgages. If you learn about all of the mortgage options at your disposal, you can find one that enables you to purchase your dream house without breaking your budget.

Of course, once you are approved for a mortgage and are ready to launch your house search, you may want to hire a real estate agent as well. A real estate agent will offer plenty of guidance at each stage of the homebuying journey. In addition, a real estate agent can make it easy for you to find a top-notch residence at a budget-friendly price in any housing market, at any time.

Start the mortgage application process today, and you can move one step closer to acquiring your dream residence.

About the Author
Author

Leanne Beliveau

 

Enthusiasm, knowledge, and transparency are my aim when working with sellers and buyers. I am fortunate to be working as part of a team (The Bitt and Beliveau Team) with Bob Bittelari, who has 30 plus years experience in the business. It truly is an honor to have the support system that Berkshire Hathaway Commonwealth, and this partnership, provides. They are equally delighted to be working with someone like me who is attentive to her client’s needs and wants, has unlimited energy and the desire to get the job done in a proficient, prompt, and professional manner. I know our community, schools, and resources, especially those in Brighton where I was a resident for 10 years. I am passionate about finding buyers the right homes for them where they will build many wonderful memories. 

I obtained a BS in psychology from Endicott College, as well as an MA in psychology from Brandeis University. I have outstanding people skills, am goal oriented and I pride myself on exceptional communication. I have been a competitive gymnast and gymnastics judge and it is my goal to bring the organization and caring as a nanny and the focus as a gymnast to my real estate career. I also have a three year old daughter Bellamy, who is cute, but fast.