You're purchasing home or refinancing a home ... a great idea!
Certainly there is much more involved than filling out a one-page application and getting the best loan for you funded the same day.
Our role is to provide the support and knowledge to move the process forward for you ... and this leaves you free to focus on what's most important to you -- making preparations to move into your new home, saving money, or making plans for your home equity line of credit.
LET'S DO A STEP-BY-STEP OVERVIEW OF THE LOAN PROCESS.
Please note that of the four main stages in getting your loan, we make your part as easy as possible and we do all the work! That's what we're here for.
A. Determine how much you can borrow.
Based on standard lender guidelines, we'll help you get a good idea of the type of terms and loan program you can expect to benefit you the most.
How much you can borrow is a function of: 1. How much of a monthly payment can you afford? 2. How much will a lender loan you, given your unique: a. Credit history b. Employment history c. Income d. Debt e. Goals
You can get an idea of the first part by utilizing the calculators on my website. I will also ask you some simple questions to help you through various scenarios. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
B. Pre-qualify for your loan.
Because the seller is aware you are pre-qualified, this gives you buying clout because the seller is aware that you are pre-qualified ... and saves you the most money!
To get a pre-qualification letter:
1. You provide information about your: employment, assets, residence history, and so on. 2. We get your permission to run your credit score. 3. When we review all your supplied information we give you a Pre-Qualification Letter. a. Remember, to the home seller this is like a suitcase full of cash! b. Your real estate agent will utilize your Pre-Qual (as it may be referred to) in order to make the best offer on the home you select... and the seller knows you're pre-qualified! c. And while you're choosing the home that's right for you, we're busy finding the loan that's right for you.
C. Apply now! We make it simple for you.
Once you've selected the home you want to buy, have made an offer it has been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our website. At the appropriate time, we'll order an appraisal of your new home.
D. Your loan is funded.
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it is approved. We'll coordinate with the escrow company to make certain all the papers needed by your lender are in order, and you'll sign everything at the escrow/title company's office.
You've answered several questions, provided us some detailed information, applied online, and next thing you know, you're moving in!
WE'RE IN THE BUSINESSS OF MORTGAGE LOANS --SO WE DO MOST OF THE WORK. Doesn't that make sense?
WHAT INFORMATION WILL BE NEEDED FOR THE APPLICATION ... AND HOW PRIVACY IS MAINTAINED.
Any information you submit over our website is 100 percent, fully secure and will never be shared with anyone except by permission -- that is, if you are providing us information you want us to utilize to obtain the best loan for you, we use that information to tell mortgage lenders about you ... and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure.
THE FOLLOWING IS A LIST OF INFORMATION MORTGAGE LENDERS WILL USE TO CONSIDER YOUR APPLICATION:
For all loans
Social Security Number, for borrower and co-borrower if any
Employment History For the last two years, employment dates, addresses, salary. Current pay stubs or W-2 forms.
Check and Savings Accounts and Certificates of Deposit Location of bank accounts, account numbers and balances; Address of bank if out of town Last 3 months' statements
Stocks, Bonds, and Investment Accounts Broker's name and address, description of stocks, bonds, etc. Last 3 months' statements or copies of stock certificates
Life Insurance Policies Insurance company, policy number, face amount, cash value, if any
Retirement Plan Approximate vested interest value Copy of latest statement
Automobiles Make and model of automobiles, their resale value
Other Assets Market value of personal and household property
Liabilities and Other Non-Mortgage Debt Creditors names, addresses, account numbers Monthly payments and balances
Other income information you may need
If you're self-employed Two years tax returns, profit and loss statements, both company and personal if separate. Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA.
If you have income from: Commission Overtime Bonus Partnership Rental Property Trust Notes Receivable Interest/Dividends You'll need two years' personal federal tax returns
If employed in family business Personal federal income tax returns and all schedules for the past two years
If divorced or separated Complete executed divorce decree and settlement agreement Payment history of alimony/child support over the past 12 months, if it is a financial obligation. If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.
If you own real estate
Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances
If you've sold your home but not closed: A copy of the sales contract
If you've sold your home, closed, and you will use the proceeds for your new down payment: A copy of the HUD-1 Uniform Settlement Statement
If you rent
Name, address and phone number of landlords for the past 24 months
If you're buying a home
Purchase sales contract or offer to purchase and all addenda Furnish contract with original signatures of buyer and seller
If a source of your down payment is a gift: Name, address and relationship of donor. Gift funds will be verified in both the donor and recipient's accounts. Note: Not all loan programs allow gifts to be part of your down payment.
For FHA Financing Evidence of Social Security Number and photo identification
For VA Financing DD214 and Certificate of Eligibility
For Construction/Perm Loan Signed construction with cost breakdown, builder plan and specifications
LOAN APPLICATION INFORMATION
