Your first step in securing a mortgage with a lender is to complete an application to see if you qualify for the loan. In the application, you'll be asked to provide basic financial information such as your pay stubs for the past two to three months, your W-2 forms and tax returns for the past two years, recent bank statements, proof of any other income, account numbers for all bank accounts, loan and credit card account numbers, the names of your creditors, and the address and description of the property you wish to buy. As you provide this information, the lender will order a credit report and obtain a professional appraisal of the property you want to purchase. Once you complete the application process, the lender will begin the work of verifying all the information you've provided and deciding whether or not you have the financial capability to pay back the loan. This process can take anywhere from one to six weeks, depending on the type of mortgage you choose. Keep in mind that it's not unusual for the lender to ask for more information after you've submitted your application. The sooner you can provide the requested information, the quicker your application will be processed. Once all the information has been verified, the lender will contact you to let you know the outcome of your application.
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