Arranging for Financing

Mortgage Application Process

One of the most important processes related to your new home purchase is that of securing mortgage financing. We have provided a checklist of the typical information which is required by a mortgage lender in making an assessment of a borrower's qualification for a new mortgage loan. Additional information may be requested later depending on your particular situation. There are several vital steps you will need to take in order to ensure a smooth, well-organized mortgage application and processing.

When the lender has received job verifications from your employers, deposit verifications from your banks, credit reports, appraisal verification and any other exhibits needed, they will submit your completed file for final approval.

Once again, remember that your Westcott Homes community sales manager is on hand to guide you through the very important and sometimes complicated mortgage application process. Please call on them at any time if you have questions or concerns.

Mortgage Application Checklist

In order to avoid delays and to speed up your loan application, the following is a hypothetical checklist of the required documents and information you will need for your application. As mentioned earlier, your lender may require additional information.

Documents for Lender

Personal Data

Income/Employment

Credit History

Miscellaneous

How to Finance the New Home of Your Dreams

If you have your heart set on purchasing a particular home or if you are simply looking for a new home that you will instantly fall in love with, then here are some helpful tips on how to finance your dream home:

Fix up your credit report. Before you jump into the home-buying process, you should get a good idea of what your credit score looks like. Acquire a copy of your credit report so that you can find a way to clean up any areas that may pose problems for you when trying to get approved for a loan. Sometimes, these little blemishes on your credit report are simple to clean up, and this will help you immensely during the mortgage process.

Find out the down payment needed for your new home. When it comes to buying your dream home, you can never be too prepared or informed. Your down payment will generally be determined based on the purchase price of the home, your particular financial situation, and the type of mortgage you end up choosing.

Get preapproved for a loan. Before you seriously shop around for your dream home, you should get prequalified or preapproved for a loan. This will give you a sense of security while looking at different homes, as well as an advantage among competing buyers. When you know the amount that a lender is willing to give you before you shop for homes, you will be able to narrow your choices and focus solely on the homes that you can afford.