After you have been pre-approved and have chosen what home to purchase, you want to start the loan approval process. This process starts with an initial consultation where you and your Miami Fl mortgage lender talk about your multiple possibilities.
In the first reunion, the mortgage lender will help you fill out a 1003 mortgage application. To speed up the mortgage process, you’ll have to have several documents that are needed for the approval of the Miami mortgage:
- A purchase contract for the home (if you already have one)
- Your bank accounts and the address of your bank branch, together with checking and savings account statements for the last 3 months
- Pay stubs, W2 withholding forms, tax returns for two years, or other evidence of having a job and earning proof
- Credit card bills for the past 3 billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt
- Data on other regular debt such as car loans, student loans and retail credit cards
- Financial statements and tax returns, in case you own your business
- Any gift letters, if you are taking a gift from your parent or relative or other entity to pay for the down payment and/or closing costs. This letter has to indicate that the funds are truly a gift and will not need to be paid back.
By taking with you those documents when visiting your Miami home mortgage broker, you will help accelerate the loan process.
Also, you may have to give an appraisal fee which will cover the mandatory appraisal of the house you want to buy.
After the first meeting, you ought to have a response within 48 hours. Usually, you may “forget” about the mortgage process and go on with your life while your Miami mortgage broker works hard at obtaining the mortgage for you.
