Applying for a loan can be a complicated process but if you have everything you need then the application process will be a breeze.
You should first have an idea of what kind of loan you want. Most home loans have a time period of 15 or 30 years. If you don’t want to be paying off your home for a long time, a 15-year loan is the way to go. However, with a 15-year loan your monthly payments will be higher than if you go with a 30-year loan. A 30-year loan will have lower monthly payments, but you will still be paying off the loan in a longer time period.
The next step in applying for a loan is to make sure you have all your necessary documents. It is of the utmost importance that you can prove who you are and that you are going to be able to pay back your loan with proof of employment. This means you may need copies of pay stubs, contact information for employer(s), W-2s, tax returns, bank statements, social security, and information on other debts (i.e. student loans, car loans, and credit cards).
With all of the required paperwork at hand, you can now start applying for a loan.
Apply online today or
contact a Midwest Equity Mortgage, LLC Loan Expert to get started.
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