I have applied for a Mortgage. Now What?


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If you have started the Home Buying Process by Applying for a Mortgage, Congratulations! You have taken a crucial first step to Buying a Home. The Qualification process for a Mortgage Approval is lengthy and can be cumbersome. Do not get discouraged! It is perfectly normal for the Loan Officer or Mortgage Broker to request all kinds of personal information in order to determine your financial ability to qualify for a Mortgage. Once the Pre-Approval process is complete, you will be informed of your Pre-Approved Mortgage Amount and the Loan Terms that go with them.

Common items that will be requested in order for your Application to be considered complete are:

  • Current Employment information that includes how long at your current employer, Name of Employer, yearly salary and position held. (For all applicants)
  • Paystubs for all Applicants
  • Tax Returns for the last two years for all applicants
  • Current Housing: If leasing, current landlord information needs to be provided for all applicants
  • Bank Statements for all applicants

Once all these steps have been completed and an Executed Purchase and Sale Contract is submitted to the lender, the real process begins. The Mortgage Lender then submits your complete file through an Underwriting process that takes several weeks. As the process unfolds, the lender also orders an Appraisal to be completed on the home to determine Market Value. Typically, a loan can be approved and a closing can be scheduled within 30-45 days of an executed contract.

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As the loan processing continues, the lender may request updated documents to be provided. Such documents are usually paystubs and bank statements. Also keep in mind, that the lender has different checkpoints where you credit report will be viewed. Because of this, it is crucial that no changes take place in your Finances, Employment and Credit.

One last thought to consider: All the information that you provide to the lender will be verified. What this means is that they will probably contact your employer and verify the information that you provided, they may reach out to your current landlord and confirm your payment history, and they will pull an IRS transcript that will confirm your reported income.

I hope this blog post helped answer the common questions that usually come up once a Mortgage Application is submitted.

Do you have Questions or Comments? Please let me know!


About Erika Lewis

Mother, Wife, Blogger, REALTOR® & Real Estate Professional in Atlanta. Allow me to connect you with a Top REALTOR®/Real Estate Agent in your local market. Contact me today! [email protected]