The first step in the mortgage process is usually to apply for a loan. You may also have preliminary discussions with the mortgage professional to determine whether or not they can help you with your loan. At any rate, the process can not begin until you have filled out and signed a mortgage application and the appropriate disclosures.The basic process of trying to obtain a mortgage is application and disclosure of all applicable information, processing your loan application, an underwriter underwriting your loan, loan approval, and then the closing of your loan. Each step mentioned here has certain criteria and procedures that are done and completed to finish each step.
One thing that will help in the process, is to quickly supply your mortgage professional with whatever documentation he or she asks you for at each stage of the loan process. This helps the loan finish faster, and with less frustration, as well as it will often times save the borrower money.
From that point you will be asked to provide a lot of personal documentation, such as pay-stubs, w2's, bank statements etc. Make sure you provide all pages of the requested items to expedite your loan.
If you find that documenting your income will be a problem you should ask your preferred mortgage professional about a Stated Income, Reduced Documentation, or No Ratio mortgage.
These loans generally require high FICO credit scores and a good employment history.
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