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Mortgage Approval Process

Whether you are buying your first home or a seasoned investor, the process of applying for and obtaining a mortgage can be daunting. That’s why you need a knowledgeable Mortgage Professional and a good team to guide you through the Mortgage Approval process.

Completing the mortgage application

The first step in every borrower’s journey to secure a home loan is the completion of a standard mortgage application, called a ‘1003’ (ten-oh-three). The 1003 provides a comprehensive overview of the applicant’s financial status, and allows the lender to make an informed decision about the borrower’s ability to repay the loan.

What documents will I need?

Upfront preparation and communication can speed the process of obtaining a mortgage. Before you meet with your Mortgage Professional to fill out the application, gather the documents and information needed to complete the paperwork, such as:

  • 2 years W2s and/or 1099s
  • Most current pay stub
  • Social Security number(s)
  • Most recent 2 months statements for all bank accounts, including checking, savings, brokerage accounts, and IRAs
  • Credit card suppliers, account numbers and balances
  • A complete list of assets, including stocks, bonds, cars, life insurance and estimated value of furniture
  • Residence and employment addresses for the past 10 years

Depending on the individual other paperwork may be required, such as a final divorce decree, alimony or child support documentation, Social Security entitlement, or information about additional real estate owned.

Your credit report: How important is it?

Your Mortgage Professional will pull a credit report detailing your personal credit history. The report will include an overall credit score, and the lender will rely on your score to assess your willingness to repay the loan.

Several elements are factored in to an individual’s score, including payment history, total amount of credit extended, and the number of seasoned accounts. Every borrower is required to supply explanations for items such as recent credit inquiries, or derogatory entries including a late payment, bankruptcy, short sale or foreclosure.

Pre-Qualification: What does it mean?

Next, your Mortgage Professional will assess your financial position and credit and advise you of the maximum loan amount you ‘qualify’ for. This information can be used to arrive at a maximum purchase price for a home, as well as a projected monthly payment amount.

A pre-qualification letter will be issued. The letter will state that based on the information supplied during the application process, you are qualified to borrow a certain amount to purchase a home. Keep in mind that the letter is conditional and dependent upon verification of income, employment and assets.

Verification of income and assets

Now that you have provided documentation and a credit report has been pulled, Your Mortgage Professional will begin the process of verifying all the information provided. Certain questions may arise and require additional documentation, such as a gap in employment history.


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John Jeha

156 Diablo Road, Suite 360
Danville, CA 94526

Phone: 925-997-1278
Fax: 925-886-8657

Corporate NMLS #2973 © 2012 Wallick & Volk Mortgage :: NMLS Consumer Access :: NMLS #277791 | Licensed by the Dept. of Corporation under the California Residential Mortgage Lending Act. License #4130785 | CA-DOC277791 John Jeha Mortgage Danville

NOTICE: This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states.