To secure a mortgage, and purchase a home you will first need to apply for a mortgage loan and submit numerous paperwork to your lender or mortgage broker.

We suggest you shop around with several lenders and mortgage brokers until you find the terms and interest rates that will satify your needs. This comes with some risks! Make sure you obtain your own credit report. You can go to Equifax and purchase your credit report. If you provide your social security number to the lenders or mortgage broker they will pull your credit report. If several of them do this, you credit score than drop significantly.

Once you found a lender or mortgage broker that you are satisfied with, then they will require several documents from you to complete the mortgage application. Some of those ducuments include:

• Pay stubs for the past 2-3 months
• W-2 forms for the past 2 years
• Information on long-term debts
• Recent bank statements
• tax returns for the past 2 years
• Proof of any other income
• Address and description of the property you wish to buy
• Sales contract

During the application process, the mortgage broker will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1-6 weeks before closing.

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