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Online Mortgage Application: The Documentation Needed to secure your Loan
from:With the event of the Internet and electronic technology everything becomes easier and faster including making an online mortgage application for that first home or refinancing your existing home.
Many reputable financial institutions are now providing an online mortgage application and accepting your electronic signature for signing purposes. The borrower is now longer limited to the traditional methods of acquiring a mortgage through walk in branch offices, and head offices. Mortgage lenders are no longer limited to advertising through the media, TV, newspapers, and magazines. To compete in the global market it is understood, that a strong Internet presence is just as beneficial to the lender as it is to the borrower.
In order to have a loan approved there is of course certain information that will be collected first and this information will be asked within the standard online mortgage application.
Personal information such as name, current address, and occupation are common fare for an online mortgage application. But you must be prepared to have other information available for an online mortgage application. Some of this information is specific to the type of online mortgage application and some will again be standard.
You would have to qualify for a loan, meaning that you have the ability to pay back the loan. You would need to provide proof of income.
In some cases, depending upon the online mortgage loan you are trying for, such loans for self-employed individuals having difficulty showing proof of income, it might not be a major requirement.
Another way of determining your ability to repay a loan is your credit history. Frequent late payments, bankruptcy, and other issues are taking into consideration by the online mortgage lender. Within a few days an applicant can obtain their credit score aka fico score.
The three major credit score companies in the USA are Equifax, Experian and TransUnion. These places look at your credit habits; borrowing and paying back. They assign a score called a fico score. Once the online mortgage lender receives the score they can determine if you are a good risk for business or you are not. To guarantee an online mortgage application approval the fico score should be at least 650. There are some very large lenders called “sub prime” lenders that can afford to approve applications with fico scores as low as 580 but these lenders are not your standard lenders.
However, it is still possible to obtain a mortgage with a lower score through traditional methods. Unfortunately, this service is not yet available through the online mortgage application.
If you are planning to take out a home equity loan, you may be required to provide an appraisal of the value of your existing home that is possible to do online as well.
When submitting your online mortgage application you would include a “Fannie Mae” appraisal as well as “title insurance company” to guarantee the title for your existing property. These documentations submitted with your online mortgage application will guarantee a faster approval sometimes the very same day.
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