Applying for new mortgage credit is not a difficult process, necessarily, but it can be time-consuming and somewhat frustrating. You can make it easier by being certain to follow specific mortgage advice in obtaining your new mortgage credit.

The best way to ensure that the process goes smoothly is to make sure you have all of the information you will need during the application process at your fingertips.

Be sure to gather together information concerning your current income, including pay stubs or direct deposit advices. You will also need a copy of your current bank statement and your most recent two tax returns.

By having this information at your fingertips, your application for new mortgage credit should go smoothly, but be prepared for delays. Do not wait until the last minute to seek mortgage advice in obtaining your home loan, and make sure you keep copies of everything you provide during the application process in case something is lost or misplaced by the loan processor.

If you have any special circumstances, like student loans that will not be required to be paid back for more than two years, or income you are counting from a special source like Social Security Disability, be prepared to provide supporting documentation. Often, providing this kind of proof can make a difference in how much purchasing power you have when you obtain new mortgage credit.

When obtaining new mortgage credit, you will most likely need to have some money for a down payment. This money should be in your bank account and available before you apply, so that you can provide proof that you have it.

Depending on the loan, you may need as little as one percent to as much as twenty percent of the purchase price as a down payment.

You may also be required to have ‘reserve’ funds in an account for a number of months prior to applying for new mortgage credit. These funds may be in the form of a 401k or other type of financial instrument and will not be used at all during the transaction.

Another piece of business in obtaining new mortgage credit is to make sure that you know and understand your credit rating and that you have done what you can to repair and improve your credit.

Once per year you can request a copy of your credit report and review it to make sure the information is accurate. It is wise to do this as you begin the process of obtaining new mortgage credit.

Biography: Monica McKinney is a Mortgage Loan Strategist, licensed and certified in Real Estate and Mortgage Loan Brokering. Monica is also an Award Winning Writer and has just authored an exciting new mortgage approval guide, Mortgage Approved!: Your Easy All-In-One Home Loan Kit, The ONLY Mortgage Approval Guide You’ll EVER Need”. This great approval guide book is filled with insider secrets, mortgage loan help and mortgage loan tools. Get more mortgage information from Monica. Click: Get Informed…Get A Mortgage