FINANCING YOUR HOME
and rate you deserve!
The Loan Process
Make no mistake, there’s a lot involved in getting a mortgage loan.
Our Preferred Lending Partners will do most of the heavy lifting for you, so you can concentrate on what’s important — preparing to move into your new home, saving money, or making plans for your home equity check.
There are four main steps involved in getting a loan.
Step 1: Determine how much you can borrow
A lender looks at a number of contributing aspects to determine how much they can loan you. Some of these items are:
– Your current assets.
– Your employment history.
– Other sources of income you may have.
– The debts you may be servicing.
– Your credit score.
As you can see, you will need to meet with a lender to be able to
accurately determine what amount you can invest in a home.
Step 2: Pre-qualify for your loan
This is where the rubber meets the road and you save the most money.
You supply information about your employment, your assets, your residence history, and so on.
We get your permission for our loan specialists to run your credit score. When they review all this information they will give you a Pre-Qualification Letter.
Handle it with care – to a home seller, it’s like a suitcase full of cash! Your realty agent will use your Pre-Qual
(as they may call it) to make the best offer on the home you choose, and the seller knows you’re pre-qualified. It
gives you buying clout! And while you’re picking out the home that’s right for you, our loan specialists are busy
finding the loan that’s right for you.
Step 3: Apply now! We make it easy
Once you’ve made an offer and it’s been accepted, it’s time
to complete the loan application. It couldn’t be easier, and you can
start the process, right here at our website. When the time is right,
an appraisal of your new home will be ordered.
Step 4: Your loan is funded
Your realty agent and the seller’s will work together to designate an escrow/title company to handle the funding
of your loan once it’s approved. We’ll coordinate with the escrow company to make sure all the papers your
lender will need and you’ll sign everything at the escrow/title company’s office.
As you can see, it makes the best sense to find out exactly how much you qualify to spend on a home. It also will save you precious time
by ensuring you are looking at homes you can afford.
Information typically needed for your loan application
1. W-2 (2 years) & 1 Month’s Current Paystubs
2. Landlord Name & Address for the past 2 Years
3.Employer Name & Address – for the past 2 Years
4. Purchase Agreement or Deed if Refinancing
5. Bank Names, Account #’s & Balances
6. Bank Statements – Last 3 Months for all Accounts
7. 12 Months cancelled Checks for Mortgage or Rent
8. Check for Applications Fee & Rate Lock
9. Self Employed – Last 2 Years Tax Returns with all Schedules, YTD, P&L
10. Green Card for Resident Aliens
11. Social Security Card & License (FHA)
12. Legal Description (FHA/VA)
13. Certificate of Eligibility (VA)
14. Accounts #s, Addresses, Balances/Monthly Payments on All Open Loans