Loan Process
What Happens After You Apply?
The time it takes to complete the loan process varies for each application. Here is a list of the stages required to process a mortgage. Remember that completing your application accurately and fully will help speed the process.
Processing
After you apply, a loan processor will collect documents and verification to support your request for a loan. The time in processing will vary depending on the type of loan and how quickly the processor receives the documents needed. Much of processing involves help from other sources, such as:
1. Appraisal - An appraiser will judge the value of the property, generally based on the recent sales in your market.
2. Credit Verification - We'll request a credit report through a credit reporting agency to verify your outstanding debts, and payments history.
3. Income Verification - In addition to the documents we request from you, we'll ask your employer to verify your income.
4. Asset Verification - To confirm that you have the funds required to complete your transaction.
5. Previous Housing Verification - We'll request the history of your rent or mortgage payments from your lender or landlord.
Underwriting
Once the application is processed, your processor will submit the complete package for review. The Underwriter compares your loan request
to the guidelines of the lender or its investors for the type of loan. Then the underwriter issues a decision on your application based on established
investor guidelines.
Closing
Closing occurs when you sign the papers for your mortgage loan, and when the property is transferred, if your loan is for a home purchase. Most closings take place at the office of the bank attorney, however location procedures vary by state.
What You Need to Bring!
Mortgage Application Checklist Information required at application:
Income:
-Signed copy of Agreement of Sale or copy of Deed-if refinance.
-Current pay stub & W2's or 1099's for 2 years.
-Names and addresses, of employers for the past 2 years.
-Details of all other continuing income sources
Names, addresses, account numbers and balances for for all Assets:
- Checking Accounts
- IRA's, 401k's and Keogh
- Savings Accounts
- Credit Unions
- Investment and stock accounts
Gifts:
- complete details on all monetary gifts.
Names, addresses, account numbers and balances for all Debts:
- Charge Accounts
- Personal Loans
- Auto Loans/Leases
- Student Loans
- Current Mortgages
- Alimony and child support payment
Additional information required for commissioned or self-employed persons:
-Signed copies of last two years Federal Tax Returns (1040's) with all schedules.
-Copy of Partnership Return for 2 years. (If applicable)
-Copy of Corporate Return for 2 years.(If applicable)
-Current Balance Sheet
-Most recent Profit and Loss Statement (no more than 120 days old.)
If you have a question, please enter it below and I will contact you shortly.
The time it takes to complete the loan process varies for each application. Here is a list of the stages required to process a mortgage. Remember that completing your application accurately and fully will help speed the process.
Processing
After you apply, a loan processor will collect documents and verification to support your request for a loan. The time in processing will vary depending on the type of loan and how quickly the processor receives the documents needed. Much of processing involves help from other sources, such as:
1. Appraisal - An appraiser will judge the value of the property, generally based on the recent sales in your market.
2. Credit Verification - We'll request a credit report through a credit reporting agency to verify your outstanding debts, and payments history.
3. Income Verification - In addition to the documents we request from you, we'll ask your employer to verify your income.
4. Asset Verification - To confirm that you have the funds required to complete your transaction.
5. Previous Housing Verification - We'll request the history of your rent or mortgage payments from your lender or landlord.
Underwriting
Once the application is processed, your processor will submit the complete package for review. The Underwriter compares your loan request
to the guidelines of the lender or its investors for the type of loan. Then the underwriter issues a decision on your application based on established
investor guidelines.
Closing
Closing occurs when you sign the papers for your mortgage loan, and when the property is transferred, if your loan is for a home purchase. Most closings take place at the office of the bank attorney, however location procedures vary by state.
What You Need to Bring!
Mortgage Application Checklist Information required at application:
Income:
-Signed copy of Agreement of Sale or copy of Deed-if refinance.
-Current pay stub & W2's or 1099's for 2 years.
-Names and addresses, of employers for the past 2 years.
-Details of all other continuing income sources
Names, addresses, account numbers and balances for for all Assets:
- Checking Accounts
- IRA's, 401k's and Keogh
- Savings Accounts
- Credit Unions
- Investment and stock accounts
Gifts:
- complete details on all monetary gifts.
Names, addresses, account numbers and balances for all Debts:
- Charge Accounts
- Personal Loans
- Auto Loans/Leases
- Student Loans
- Current Mortgages
- Alimony and child support payment
Additional information required for commissioned or self-employed persons:
-Signed copies of last two years Federal Tax Returns (1040's) with all schedules.
-Copy of Partnership Return for 2 years. (If applicable)
-Copy of Corporate Return for 2 years.(If applicable)
-Current Balance Sheet
-Most recent Profit and Loss Statement (no more than 120 days old.)
If you have a question, please enter it below and I will contact you shortly.
