THE MORTGAGE APPLICATION
Learn more & take the first step toward securing a home mortgage today! Apply Online!
Completing a mortgage application is the first step to securing a mortgage to purchase your home!
Buying a home can feel overwhelming, but Simplicity
Mortgage is here to be your experienced partner
throughout the process. Helping our borrowers close
confidently and successfully on their home is what
Simplicity Mortgage is all about.
What is the Purpose of the loan application?
The online application is the formal first step of the mortgage process. Information about your identity, income, savings and debts is collected. Having a complete understanding of your finances allows us to evaluate various loan options for your specific purchase. The loan application is a standard form and required for compliance.
What do I need to apply?
Information such as employment history, financial account balances, plans to utilize gift funds, purchase type, and current and previous residence addresses. The bullets below provide additional detail and background on each section of the application. As we move forward thru the process, documentation to support the application will likely be needed, but we're here to walk you thru it one step at a time.
CLICK TO APPLY ONLINE
* The application is entirely online and takes about 15 minutes. Additional details about each section of the application can be found below.
THE LOAN APPLICATION
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Our online application is made up of 15 screens, each collecting different pieces of information. You will be asked to enter personal information about yourself, your home, finances, employment, and the property you are interested in purchasing. If you have a co-borrower, they will need to fill out an application as well.
Each section of the application is listed below, along with guidance. You don't have to finish a page to advance to the next page. The information saves periodically on its own or you can hit the save button. You can navigate the site in chronological order using the previous and next buttons.
Don't worry! It's not as long as it sounds - several of the pages only require a yes/no or a check box.
If there is information you don't know, just leave the item blank and we will discuss later in the loan process.
** There is an option within the application to order and pay for your credit report (about the 10th screen).
You can skip this step if you prefer to wait. We can order the credit report once we have an opportunity to
discuss your real estate goals, financial situation, and answer any questions you may have. All mortgage applications require a credit report, which are paid for initially or at closing.
1. LOAN OFFICER & LOAN PURPOSE
If you've spoken with or were referred to a specific Simplicity Mortgage Loan Officer, select yes and their name. If not, we will be reaching out shortly to introduce ourselves
Enter your loan and property details (or estimates). The loan amount will auto-populate
2. PROPERTY DETAILS
Enter the property information as requested
If you don't know, you can leave it blank and we will revisit it later when we talk
3. JOINT CREDIT
If more than one person's income or assets will be used for loan qualification, the loan will have a borrower and a co-borrower. These designations will remain consistent throughout the loan process.
A person must be included as the co-borrower whenever their assets or income will be used for loan qualification.
4. BORROWER NAME, PERSONAL INFO & MILITARY SERVICE
Personal information (social security number, citizenship, marital status, dependents, phone, etc.)
Military service information if applicable
5. BORROWER RESIDENTIAL ADDRESS & MAILING ADDRESS
Residential address with two years of history
Mailing address (if different)
6. CURRENT & PROPOSED MONTHLY HOUSING EXPENSES
Monthly housing expenses such as mortgage, homeowners insurance, property taxes, homeowners association dues, and other (utilities, pest control, etc.)
Proposed housing expenses (if you know them for the new property). If not, we can complete later
7. MANAGE YOUR ASSETS
Add your assets - bank accounts, real estate owned, gifts, annuities, etc.
8. BORROWER EMPLOYMENT INFORMATION
Employment information - current job, previous job, and any other additional monthly income
9. VERFIY EMPLOYMENT AND INCOME
This is a service to electronically verify your employment
10. ORDER CREDIT REPORT
A credit report is required in order to complete you loan application
If you would prefer, we can wait to pull your credit until after we talk
Will a credit pull affect my Credit Score?
Multiple credit reports pulled lenders while shopping for a mortgage will not negatively impact your score, if completed within a 45 day window. Here is some additional background on credit pulls and credit scores from the Consumer Financial Protection Bureau (CFPB):
"Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry. This is because other creditors realize that you are only going to buy one home. You can shop around and get multiple preapprovals and official Loan Estimates. The impact on your credit is the same no matter how many lenders you consult, as long as the last credit check is within 45 days of the first credit check. Even if a lender needs to check your credit after the 45-day window is over, shopping around is usually still worth it. The impact of an additional inquiry is small, while shopping around for the best deal can save you a lot of money in the long run. Note: the 45-day rule applies only to credit checks from mortgage lenders or brokers' credit card and other inquiries are processed separately."
11. CREDIT AUTHORIZATION AGREEMENT
This agreement is part of the loan application process. It documents that you have given us permission to pull your credit. Without a credit report, we will not be able to complete the loan application or assess your mortgage options
12. MANAGE OTHER EXPENSES
Other expenses - manually add child support and other monthly expenses you may have
13. E CONSENT
Throughout the loan process there are a variety of documents, disclosures and records that are shared or require signature. Before we can engage in the transaction electronically, we need your consent to do business with you electronically.
Consenting to this agreement we will be able to business with you electronically
Please read the agreement and select "AGREE" if you agree
14. BORROWER DELARATIONS
Answer the questions about the property and your loan. These are to ensure we are following all applicable rules and regulations for compliance purposes
15. BORROWER DEMOGRAPHIC INFORMATION
The purpose of collecting this information is to ensure all applicants are treated fairly and the housing needs of the community is being fulfilled. Federal law requires that we ask applicants for their demographic information in order to monitor our compliance with the equal credit opportunity, fair housing, and home mortgage disclosure laws
You are not required to provide this information