What is a mortgage broker and lender?
A mortgage broker will be an important contact throughout your loan process. Mortgage brokers often can partner with other lenders who provide funds for a loan. Typically, lenders pay mortgage brokers a fee for their intermediary services and customer service.
The Mortgage Loan Application
You will be required to completed certain standard forms when applying for a loan. Some mortgage brokers keep the forms on their website so that you may complete and submit them online. The mortgage company will verify the accuracy of information you provide to ensure you qualify for the loan you request.
To get a mortgage loan you must provide:
- Either 2 years of W-2 forms from your employer or 2 years of tax returns if you are self-employed
- Recent pay stubs
- Bank and money market statements for 3 months’ time
- Statements from your brokerage, mutual fund, and retirement accounts
- Proof of other income sources, including alimony, trusts, and rental income
- Credit card statements
- Statements for all other debt, including auto loans, boat loans, student loans, and home equity loans
- All existing mortgage debt(s) if you apply for a home equity line of credit or another mortgage
- Your drivers’ license and other identification
- If you’re not a US citizen, a copy of your green card or visa
The Mortgage Loan Evaluation
An analyst from your lending institution, also known as an underwriter, will examine your finances, verify your documents and information, and confirm your qualifications for the loan.
Once you are under contract on a property, a loan-approval committee will review the underwriters’ conclusions and evaluate the property for which you have requested a loan.