9 Free Sample Home Mortgage Checklists

You’re considering buying your humble abode where you and your loved ones can spend the rest of their lives. A place where the feeling of home resides and where you make loads of new memories. Before you can buy your dream house, you need to get a mortgage. A mortgage is a loan given by a mortgage company, any financial institution, or a bank for the sole purpose of buying a house or primary residence. This particular category of mortgage entails that the borrower of the loan transfers the title to the lender for a certain period with a condition that upon the completion of the return of payment, the title will be transferred back to the borrower.

When considering home mortgages, you need to do extensive research before opting for an institution along with a particular package. There will be certain conditions that you would want for your future home mortgage package which would aid in repaying smoothly. To ensure that those conditions are met for your home mortgage loan, it is advised that you make a checklist. This checklist will entail everything that you want in a loan and will help you in comparing various packages. Make a checklist by allotting columns for documentation purposes. Firstly mention all the things that you are seeking such as the period, the package, the interest rate, etc. The next few columns should be dedicated to the various packages offered by various institutions. After you are done making a checklist, compare your options by ticking the allocated boxes accordingly for comparison.

You can also make a checklist after you have decided on the kind of institution and the package you want. This checklist will help you in putting together the required documents for sending out an application to the desired institution. These documents comprise proof of how much you earn, where your current residence is (Xerox copies of documents of the current residence), account balances along any debts that you are under at the moment. Apart from this, you also need to provide details about the number of buyers that will be for the desired house and their earnings as well. Many financial institutions and banks require you to provide legal proof of your estimated annual income and expenses as well. This helps them to decide on whether to grant you a loan or not. Making a checklist concerning how many of these obligations have you filled out and how many are remaining will help you stay focused and organized for the whole application period. Ensure that your checklist is not haphazard and is carefully thought through. Make a separate section for tick marking to eliminate the chances of scratching something off a list. It may feel satisfactory but it looks very chaotic and disorganized.

Your Home Mortgage Checklist needs to be three things. Thoroughly detailed, extensively documented, and organized. Then only will you be able to stay calm throughout the whole ordeal.

Here is a preview of This First Sample Home Mortgage Checklists Template created using MS Word,