Home loan Application - how quick can a conventional mortgage loan application be approved

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Mortgage Loan Application Question

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The following are a list of questions you can expect to be asked when applying for a home mortgage.

1. Name(s) that will be on loan.
2. Date of birth(s)
3. Contact numbers
4. Address
5. How long have you lived there?
6. How much do you think your house is worth?
7. Yearly property taxes.
8. Yearly homeowners insurance.
9. Do you include your taxes and insurance along with your mortgage payment (escrow)?
10. Monthly mortgage payment.
11. Your employment information.
12. Monthly income before taxes.
13. Are you married or do you have someone else that is on your current mortgage?
14. What is your spouses (or other person's) name?
15. Who do they work for?
16. Their monthly income before taxes?
17. Do you own any other real estate or rental properties?
18. If so, how much rent do you collect monthly?
19. Address of your other properties?
20. Value of your rental property?
21. Social Security Number

Yes, you will need to provide your social security number. Mortgage professionals need this in order to look at your credit and see what they are dealing with. If you do not provide your ss# then they have no way of knowing what your credit score is. If they don't know that, then they don't know what you qualify for.

The mortgage professional you are dealing with should also ask you what your plans are and how long you plan on staying in your house. For example, if you plan to move in 2 years, it's probably not a good idea to refinance right now. You will just be adding more money (because of closing costs) to the amount you owe toward your house.

It's also a good idea to share your goals. If your goal is to pay off your mortgage as fast as possible and money is not really an issue, then perhaps you would be interested in a 15 year mortgage instead of the typical 30 years. This is why it's important for you to be open with the person you are dealing with who will be helping you with your loan.

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