The housing market appears to be heating up toward the end of summer if new data from the Mortgage Bankers Association is any indication.
According to the Mortgage Bankers Association, the number of mortgage applications jumped 2 percent over the last week. The organization’s seasonally adjusted index indicated that volume jumped nearly 70 percent compared to this time last year.
CNBC reports that a tick toward more moderate prices, low interest rates and more motivated sellers are helping to boost the buyers’ market.
If you are thinking about purchasing a home in the Roseville area, it is important to begin the process of trying to get pre-approved. Once you obtain a pre-approval, the next step is to go through the loan application. If you are a first-time buyer you may not realize what information goes into a loan application.
Here is some of the information you could expect to be asked for in your loan application:
- The history of your residencies over two years. Rent payment information may be required if you currently rent.
- Two years of employment history
- Asset accounts
- Balances on debt accounts
- Income history over two years
- Information on any foreclosures or bankruptcies
This is a partial list of information that may be part of your loan application. When you work with a lender with a strong reputation and one that focuses on putting clients first then you can expect to be educated on topics throughout the loan process, from pre-approval to close.
At Element Mortgage, we put education front and center in everything we do on behalf of homebuyers. If you have any questions about what your options are and what type of home loans you may qualify for depending on your financial picture, contact us today.