Mortgage Loan in Chennai |
You need
to apply for a mortgage because you have finally decided to purchase a new
home, but what do you need to know before you apply? What types of paperwork
will be required from you by the lender? What type of personal history
information will the lender need? How long will the loan application process
take?
When you
apply for a mortgage, there are several types of financial paperwork that the
lender will need. A copy of last year's taxes, a current check stub, a bank
statement, and list of companies you owe money to and the amounts due are all
items that may be requested. These items are used to determine your credit
risk.
Some
personal information that will be needed for your mortgage application is
residence history. You will need to know the addresses for the places you have
resided for the past few years, the length of time you were there, and whether
it was a rental or owned. You will also have to account for your employment
history. Lenders are looking for length in job and amount of salary to
determine how much of a credit risk you are. You may be asked personal
financial information such as spending habits, any recent large ticket item
purchases, or whether you will be including income such as alimony or child
support in your available monthly income.
The
mortgage application process takes approximately one to eight weeks to be
approved or denied depending on the type of mortgage being applied for. Once a
mortgage application is approved, it takes 7 to 10 days to fund the mortgage
unless there is some contingency with the loan application. The list of closing
costs should be given to you within 3 days of applying for a loan and should
remain the same at closing. Make sure you review these costs closely and make
sure you understand each fee.
Home loans & Mortgage Loan ( Land
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