Applying for a Mortgage? Here's a Checklist to Get You Started

Services for Real Estate Pros with Darville Wong Associates Realty Bahamas BREA #58

Applying for a Mortgage? Here's a Checklist to Get You Started

In my experience, Murphy's law which says: "whatever can go wrong will go wrong", seldom fails to prove true when it comes to dealing with transactions at financial institutions; it seems inescapably true when dealing
 with major transactions such as applying for a mortgage.

As with most things we set out to accomplish, the key to making the mortgage application process easier is being prepared. Reviewing requirements by a few of the major lenders in The Bahamas, here is a checklist of some key documents you need to have... 

 When applying For A Mortgage Loan

  • Agreement of Sale
  • Copy of deed/Certificate of Title
  • Valuation/Appraisal Report
  • Copies of lease receipts (if applicable)
  • Up-to-date land and building taxes and water rates
  • Certificate of Compliance
  • Two forms of valid identification (Identification Card, Driver's Permit/Passport)
  • Confirmation of savings/debt
  • Job letter and recent pay slip (if employee)
  • If self-employed, evidence to support income e.g. financial statements for the last 12 Months or more
  • Builder's risk and comprehensive home insurance coverage

When applying For A New Construction Loan

  • Approved building plans
  • Builder's detailed estimate
  • Building contract
  • Quantity Surveyor's Report

This is by no means an all-inclusive list; so when you're ready to start the process be sure to consult with your real estate agent or a specialist at your specific financial institution to confirm their mortgage application requirements. 

Comments (22)

Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV

Ruby ... Great Job!  This is awell written blog with very useful information for consumers as well as agents!

Oct 17, 2011 01:26 PM
Mandeep Bhathal
Kingsway Real Estate., Brokerage - Brampton, ON
Kingsway Real Estate., Brokerage

Thanks for the List..

Oct 17, 2011 01:38 PM
James Loftis - West Palm Beach, FL

good basic information that any home buyer should know.

Oct 17, 2011 01:48 PM
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Whatever will go wrong - will go wrong. . . that's the first attitude you need to change.  :)  I guess having that great list of things together will help!!  Thanks for the list!

Oct 17, 2011 02:04 PM
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker


This is a very good list and it works in Ontario too!


Oct 17, 2011 02:29 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Ruby, this will help folks get started applyaing for a mortgage.

Oct 17, 2011 02:50 PM
Digital Digital
Alachua, FL
full service

Hi Ruby,
Good job putting together this mortgage checklist.
Good information to go over with your buyer at an initial buyer appointment.
Have a fabulous week!

Oct 17, 2011 03:52 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

There are lots of thing buyers need to be aware of before they apply for a loan. This post is a great checklist for buyers.

Oct 17, 2011 04:17 PM
Toronto, ON

Hi Ruby - This list is very useful for people looking for a mortgage.

Oct 17, 2011 04:35 PM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Ruby, is this your first feature? Wow, congrats this is an excellent list. I look forward to many more.

Oct 17, 2011 04:55 PM
Beth Paterson
Reverse Mortgages SIDAC, LLC, NMLS #1790592 - Saint Paul, MN
CRMP, NMLS #342859

Always helps to have a list! And I find that Murphy's Law is happening more so today than ever before... at least with reverse mortgages which is my speciality.  All the more reason to be thorough.  Thanks for sharing, Ruby!

Oct 17, 2011 05:12 PM
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

It is always great to have alist like this. It gives you a starting point and helps you remember what you need. Nice job.

Oct 17, 2011 06:03 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

I like to keep a Positive Attitude - but "Murphy" is alive and well, and we need to be ready for him.   Great List!

Oct 17, 2011 06:52 PM
Lynn B. Friedman CRS Atlanta, GA 404-939-2727
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Ruby Lee,

Complete list and clearly presented! You are doing a good service with a list like this!

Have a happy day -

Oct 17, 2011 07:23 PM
Cheryl Ritchie
RE/MAX Leading Edge - Huntingtown, MD
Southern Maryland 301-980-7566
I saw Bahamas after I saw the list and did not recognize a few items!
Oct 17, 2011 09:30 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good list and home buyers should be given this list at the initial interview.

Oct 18, 2011 01:12 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great list to help buyers prepare for the lending process.  Thanks Ruby.

Oct 18, 2011 02:01 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Ruby Rules Real Estate said fast three times keeps one on their toes...the list speaks to the common man

Oct 18, 2011 05:31 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Ruby, Having a nice Check List like this will certainly make the loan application process a lot smoother.

BTW, Congratulations on a much deserved Featured Post.

Oct 18, 2011 03:36 PM
Ruby Lee Sweeting
Darville Wong Associates Realty Bahamas
Your Bahamas Agent for Relocations & Second Homes

A Special "THANK YOU!" To:

Tean Honeycutt (Allen Tate)




James L


Frank & Sharon












Richie ('the Riddler), and


...for taking the time to read and comment on my Blog; it is greatly vaued and appreciated.

Kindest regards,

Ruby Lee 


Oct 19, 2011 09:32 AM