|
Purchase Overview
The Loan Process is comprised of many steps. Most people today are Pre-qualified
because it helps them to negotiate better terms on their home purchase.
Being pre-qualified starts with an on-line application and a personal meeting with one of our Mortgage Professionals
to discuss your personal financial situation. Being Pre-qualified is a smart place to start because it lets prospective
sellers know you have taken appropriate steps to possibly buy their home.
You can also take this process one step further by being "Pre-Approved" prior to shopping for your home.
This puts you in an even better position, especially in today's market. When you are Pre-approved, the seller considers
you a "cash buyer". In many situations, being a "cash buyer" will enable you to negotiate a
better price since the seller is able to see that you are qualified for their home and would be able to close on
it sooner. We can further discuss the benefits of Pre-Approval with you. E-mail us now with your questions!
Purchase and Refinance Overview
We will ask you many questions to determine the best type of mortgage financing for you and your specific needs.
Then we determine based on your financial position, the amount of mortgage you qualify for. We also take into consideration
the term of the loan, the interest rates available, and your unique financial situation. We will provide you with
an approval letter stating the amount of loan you are qualified for with its terms. During the processing of your
transaction, we will also assign a Mortgage Professional to your transaction. Your Mortgage Professional is available
at any time to answer your questions.
Within 3 days after your loan application you will be mailed a Good Faith Estimate along with the initial compliance
documentation. These documents are required by the Federal Government and will provide you with an estimate of
your closing costs. These costs include origination fees, discount points, and mortgage insurance, title insurance,
escrow reserves, hazard insurance and other fees associated with your loan.
Once your loan has been approved, we will contact you, the listing agent and the selling agent. We will then want
to know the exact date you would like to close on your transaction.
We will send you a weekly status of your loan telling you what is still needed to get your loan approved. We think
keeping you informed is very important. Our past customers have said that a great feature of doing business with
us is the personal service we provide. You'll be glad we're your lender!
What we will need to start the Loan Process
The items are needed to process and approve your loan and can vary from lender to lender. Here are the minimum
items needed to obtain a credit approval. Please fax them to your mortgage professional.
- Complete on-line application
- Last Pay Stub
- Last Bank Statement
- If Self-Employed, Last two years' Tax Returns.
Additional Documentation that will be needed to complete the Loan Process
- Pay Stubs- most recent (last 30 days worth) for both borrowers.
- IRS W-2's-past 2 years for both borrowers.
- Complete Income Tax Returns-past 2 years.
- Complete Checking & Savings Account statements, past 3 months (all pages,
blank or not), and most current statements for investments, ira's, 401ks, etc..
- Name, Address & Phone Number of Each Employer for last 2 years.
- If renting, landlords' names and addresses of last 2 years.
- All information on other Real Estate owned including (mortgage amount, mortgage
holder, payment amount and taxes and insurance).
- Copy of Retirement Certificates such as (award letters, social security letters
or military).
- Divorce Decree including all sections and pages, if applicable.
- Alimony or child support, if applicable.
- Bankruptcy papers including all sections and pages, if applicable.
- Credit Report Fee (check with your Mortgage Professional for amount).
- Appraisal Fee (check with your Mortgage Professional for amount).
- Copy of Resident Alien Card, if not U.S. Citizen. 1
- Name and Address of Nearest Living Relative (VA Loan Only).
- Certificate of Eligibility or DD214 and Picture ID (VA Loan Only)..
- Copies of photo ID and SS Number (FHA Loan)
If refinance additional information needed:
- Copy of front page on insurance policy or Insurance Company and agent's name
and phone number.
- Mortgage Payment coupons if applicable
Note: Not all of the above listed items pertain to all applicants. Please remember
that often times information provided will prompt a request for additional information, so understand more documents
than those requested above may be required.
|
