Mortgage Application Overview

Learn which documents and information you'll need when applying for a mortgage

Follow this useful checklist to understand the information you'll need at your disposal when applying for a mortgage to make the process go smoothly. Gather all relevant documents in a file so you can easily access it when meeting with a mortgage advisor or filling out an application.

1. Property information

Obviously, a mortgage application will require a lot of detail on the home you're buying and the home you're selling, if applicable. If you're not sure where to find this, consult your real estate agent or sell sheet. Have the following information ready to go:

  • Address
  • Type of home: Is it a single-family home, multi-family home, condominium, or manufactured home?
  • Intended use for your new property: Is it a vacation home, primary residence or investment property?
  • Construction type of new home: Is it a new build or an existing home?
  • Size of the property
  • Annual real estate taxes
  • Homeowners association dues
  • Estimated closing date

2. Personal information

When applying for a mortgage, you'll also need to gather personal information:

  • Contact information
  • Marital status
  • Whether your spouse will be on the loan
  • Length of time in current home, whether you own or rent

3. Employment information

In addition to those basic personal details, the mortgage process will require employment information that speaks to your job status and income:

  • Place of employment
  • Contact information for your supervisor or HR personnel
  • Position or title you hold
  • Length of time at current employer
  • Annual salary, plus any overtime, bonus or commission pay

4. The type of mortgage you're interested in

Indicate the type of loan you're interested in, whether it's an adjustable-rate mortgage, fixed-rate mortgage or jumbo mortgage. Your ability to be approved for a mortgage during the mortgage application process may hinge on which type of home loan you want. For example, the high-risk, high-value nature of jumbo loans will probably require a very strong credit score and large down payment.

5. Income information

The mortgage application will dive deeper into your income, as some borrowers will have sources of income other than their jobs. For example, know the total annual income you receive from such sources as:

  • Your job

  • Retirement or pension plans
  • Child support and alimony
  • Rental properties
  • Interest from investments and dividends

6. Funds for closing costs

In addition to income, it's important for the lender to know where you'll be getting the funds for the closing costs. You'll also indicate if you already put down earnest money during the mortgage process; if so, that will be deducted from the closing costs. There are many ways you can pay the closing costs, but certain types of funds have caps, so it's important that you draw from the appropriate sources:

  • Bank accounts, such as personal checking, savings or money market accounts
  • Sale of your current home or other real estate
  • Gift from a relative
  • Borrowed funds
  • Other means

7. Information on financial assets and debts

In your mortgage application, the lender will want to see some proof of your financial health, so you'll have to provide information on money you have invested in stocks, bonds or retirement accounts. On the other hand, you'll be asked for information on debts like car loans, personal loans and credit cards. Be prepared, if you currently own a home, to list its associated expenses:

  • Mortgage payment
  • Property taxes
  • Homeowner's insurance
  • Homeowner's association dues

8. Details on financial missteps

You'll also need to address any blemishes in your financial history, like bankruptcy, collections, foreclosures or delinquencies. Have dollar amounts and dates ready for submission as well as explanations of the circumstances. Your credit report will also be instrumental.

Learn more about the mortgage application process at Citizens Bank

You can get started on the mortgage application process online. Alternatively, contact a Citizens Bank home loan originator at 1-888-514-2300 with questions to start your application.

 

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