Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Be sure to respond promptly to requests for information while processing is taking place.
Commonly requested items during processing that may not have been collected during the application include:
- The final purchase contract for the house (if applicable).
- If you're self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company's year-to-date Profit and Loss statement.
- Divorce settlement papers, if applicable
- Updated account statements for listed assets in the application that may have changed in value.
- Information about debts or credit report items that may have been delinquent or not accurate.
- Evidence of your mortgage or rental payments, such as canceled checks.
- An irrevocable gift letter if you are receiving a monetary gift from a relative.
The processor is collecting this information before presenting it to an underwriter. An underwriter reviews all the information in your loan file to determine if the application meets the lender guidelines. With approval, a lender should give you a letter of commitment, which is a promise from the lender to make a loan based on specific terms and conditions.
- 3 Reasons Banks Reject Short Sales
- 3 Common Short Sale Mistakes
- 3 Warning Signs of Loan Modification Scams
- Second Mortgages: Advantages and Disadvantages
- Low Down Payment Loan Qualification
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Alternatives to Getting a 2nd Mortgage
- FHA Loans for a First-Time Home Buyer
- Appraisal Basics