Mortgage Process Step #1

Documentation Stage

Welcome to the first step in the mortgage process!

The first step in the mortgage process is the documentation stage, where we review your income, assets, employment history, and other compensating factors to determine your ability to repay a mortgage loan.

This is also an opportunity for you to examine the overall financial impact that a new mortgage will have on your total monthly budget, so that you can choose a loan amount and mortgage program that you are most comfortable with.

Our goal is to obtain a speedy approval. The more thorough you are in preparing your paperwork, the faster we can move together on getting your loan approved and funded.

Approval Pitfalls

We believe communication is the key to a smooth mortgage process and we will will hold your hand from the start all the way to closing.

While there are a number of factors outside of your control that can delay or prevent a home loan from closing, the following list will help you stay on the right path.

Do:

  • Keep your records in good order

  • Keep your financial records close at hand

  • Be aware that we need to verify income documents

  • Save bank statements

  • Save paystubs

Don’t:

  • Apply for new credit

  • Change jobs during the process

  • Make undocumented bank deposits

  • Payoff debt, charge offs of collections without notification

  • Hesitate to reach out and ask questions

While you are in the process of getting a new mortgage, keep your financial status as stable as possible until the loan is funded and recorded.
Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score, and we want to do everything we can to avoid a denied loan.


A few documents we’ll likely need to review include:

Income / Assets:

  • W2’s – from the last two years

  • 1040 federal tax returns – from the last two years

  • Two recent pay stubs

  • Two recent bank statements – all pages

  • Self-Employed: K1 / 1099 / Profit and Loss YTD

Housing:

9

  • Current and previous addresses for the previous 2 years

  • Leasing: name and phone number of landlord(s)

  • Investor: copy of lease agreements on rental properties

Other:

  • Copy of your driver’s license or state-issued ID for all borrowers

There may also be required documents we may need to review depending on your specific scenario.

Learn about the next step in the mortgage process.

Disclaimer

Aspire Home Loans,

3801 N Capital of TX Hwy

J-180 | Austin, TX 78746

Contact

Aspire Home Loans

Corporate NMLS #1955132

Personal NMLS #103259

aspire@amybrandteam.com (228) 200-1091

1113 Ames Ave. Ocean Springs, MS 39564

© 2023 Amy Brand Mortgage Banker. Website Managed by Its Time Solutions

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Aspire Home Loans is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development or the Federal Housing Administration. Not intended for legal or financial advice. Visit

https://aspirehomeloans.com/

for all state licenses information. Visit NMLS Consumer Access at

https://www.nmlsconsumeraccess.org/

TN: Aspire Home Loan is not affiliated with or provided by a bank, S&L, savings bank, or subsidiary, or affiliate of any such entity.