- Get your documents & finances in order.
- Get pre-approved to determine how much you can borrow.
- Work with our loan officers to find the best mortgage for you.
- Close your loan and move in.
You should start with reviewing your credit report. Your credit report will be used by your prospective lender as a measure of how you manage your finances. Good credit gets you better rates and a stronger negotiating position for terms. Most people are surprised of their report’s contents because errors in reporting are common. Now is the time to clean them up.
You may also need to provide the following, as it applies:
- A copy of your most recent two pay stubs and the two most recent W2s (If you are self employed, you need two years of tax returns and a YTD profit and loss statement).
- A copy of your current mortgage statement.
- Verification of any additional income.
- A copy of your homeowner’s insurance policy.
- A copy of your deed.
- Current loan provider.
- For a home equity loan, a copy of the note on your first mortgage.
- Title information.
- Property Tax verification information.
- If you own any rental property, copies of the rental agreements and two years of tax returns.
- A letter from your employer stating your date of hire, position, salary and year-to-date earnings.
- Current value of your house.
- Outstanding loan amounts.
- Three months bank statements for each of your bank, IRA/401K, stock and mutual fund account.
- Co-borrower information (the same information as listed above will be needed, as it applies).
- A copy of your divorce decree if applicable.
- If you are not a US citizen, a copy of your Permanent Resident Alien card (AKA green card, both sides).
- If you are not a permanent resident, a copy of your H1 or L1 visa.
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Once you get qualified you will have a good idea of how much you can afford. A pre-qualification gives you a no obligation quick and easy idea of what you can borrow. It is a helpful and painless first step. Pre-approval verifies your income, credit and debt. This involves more time and expense but is very useful when making an offer on a property. Sellers will obviously consider an offer that is pre-approved more seriously over one that is of unknown backing.
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Your loan officer will help you find the mortgage that fits you best. There are a lot of factors to be considered. How long do you plan to keep the loan? Would a fixed or adjustable rate mortgage be best for you? How many points should you pay? What other costs are involved? When should lock in your rate? Based on your needs and situation, your loan officer will show you which mortgage products work best for you. During the whole process, we are here to answer your questions with our years of experience.
We will review your loan application and supporting materials with you to make sure that your loan package is correct and as strong as possible. Then we will shop your loan application package to several lenders to find you the best deal possible.
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As your closing date nears, your loan officer and real estate agent should check its progress on a daily basis, because staying on top of things means you’ll know immediately if there’s an issue that must be dealt with.
For your closing you should bring all of your documentation that you’ve used during the whole mortgage shopping process. At the closing itself, everyone involved in your transaction will be present (buyer, seller, closing agents and attorneys). You will sign the necessary legal documents, pay your closing costs and escrow items and receive your closing documents.
Now you receive your key, move in and celebrate!
Remember, you should never hesitate to ask questions so that you understand the entire process.
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