Three Things Not To Forget in Your Mortgage Application
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What are some common omissions from a mortgage application?
When you are filling out a mortgage application, there are so many boxes and questions that sometimes you just want the process to end, period. This type of frustration is typical, but don't let it bog you down. To help you out, here are 3 things that you should always remember to include in your mortgage application.
- History of Residence – Lenders want to know your past, specifically regarding any previous properties that you have rented or owned. Many people forget to gather this info and it can cause problems. Without a complete history, many lenders will reject your application in underwriting.
- Employment History – Again, going along with knowing your past, your employment history is a necessity to your mortgage application. Go back as many years as you can, although most lenders only require 2-5 years worth of history.
- Gather Assets – A big part of your worthiness as a borrower is determined by how many assets you have. This is a form of collateral in the eyes of the lender and you should be sure to gather as many as possible. Cars, bank accounts, retirement accounts, and the like are all considered viable assets to include on a mortgage application. The more you can show, the more the lenders will want to throw money at you.