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The Loan Process

1. ORGANIZE YOUR DOCUMENTS

Use this checklist to help you gather your paperwork:

  • Completed Loan Application with attached info sheet, credit authorization, and fair lending notice
  • W-2's for the previous 2 years and one month of pay stubs. If you are self-employed, provide full tax returns for the previous 2 years
  • If you own any rental property, provide recent rental agreements
  • Bank statements for the previous 3 months and recent statements for stock, mutual funds, and IRA or 401K accounts
  • If applicable, provide a copy of your Divorce Decree and Settlement Agreement
  • Proof of citizenship or residency
  • If you have filed bankruptcy, provide the Discharge Notice, Filing, and Schedule of Creditors
 

 

2. GET QUALIFIED
Getting qualified before you apply for the loan will help you understand how much you are capable of borrowing. You can be pre-qualified over the phone or Internet in a matter of minutes. Pre-qualification is not as useful as pre-approval, however. In order to get pre-approved, you will be required to submit to a more rigorous process including verification of your credit, income, assets, and liabilities.

3. SHOP LOAN PROGRAMS & RATES

With so many loan programs to choose from, it can be complicated to select the best option. Consult an experienced Loan Officer who can help you find a loan program that best fits your plans.
 

 

4. APPLICATION & APPROVAL
Once your Loan Application has been received, the approval process will begin. The Lender will verify credit history, employment history, and personal assets including your bank accounts, stocks, mutual fund, and retirement accounts. They will also obtain an appraisal on the property at this time. The package of information is assembled and submitted to the Underwriter for approval.

5. CLOSE THE LOAN
When your loan is approved, you will be required to sign the final loan documents. This typically takes place at your Title Company. You will need to provide your photo ID and, commonly, your Social Security card. Your funds will then be transferred via wire.