The Loan Process

Organize Your Documents

Save time and avoid delays by having this information available when you meet with your lender:

• Past 2 years tax returns and W-2s
• Last 2 consecutive paycheck stubs
• Copy of Purchase Sales contract or Offer to Purchase and all addenda (signed by buyer and seller)
• Photo ID
• Last 2 months bank statements for checking, savings, etc.
• Divorce decree (if applicable)
• If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.

Get Qualified

Find out how much you can borrow.

Pre-qualification will give you a general idea of how much you can afford based on your debt-to-income. This can be done over the phone or online in just a few minutes.

Getting Pre-Qualified will:

1. Inform you of your maximum affordable home value and save you from previewing properties outside your price range.
2. Put you in a stronger negotiating position with the seller because the seller will know your loan is pre-approved.

Getting pre-approved requires a more rigorous process, including verification of your credit score, monthly income, debts, and assets. It is highly recommended that you take the time to get pre-approved before you start looking for a home.

Shop Home Loan Programs and Rates

Which home loan program is best for your situation?

1. Think about how long you plan to keep the loan.
2. Compare different home loan programs.
3. Understand the relationship between rates and points.

With so many home loan programs to choose from, it can be difficult to understand which one is best for you. An experienced home loan originator will help you find a home loan program that best fits your short- and long-term plans.

Apply for a Loan

You can apply online or in person.

Complete and sign the residential loan application Form 1003.

Your home loan originator may also request additional documents such as a loan information sheet, credit authorization and fair lending notice.

Obtain Loan Approval

Once your home loan application has been received, the approval process starts immediately.

This involves verifying your:

• Credit history
• Employment history
• Assets including your bank accounts, stocks, mutual fund and retirement accounts
• Property value (Based on your specific situation, additional documents or verifications may be required)

To improve your chances of getting a loan approval:

• Fill out the loan application completely
• Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
• Anything that causes your debts to increase might have an adverse affect on your current application
• Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
• Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some home loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents.

This will normally take place in the presence of a notary public. Be prepared to:

• Bring a cashier’s check for your down payment and closing costs if required. Personal checks normally are NOT accepted.
• Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents.
• Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also require seeing your Social Security card.

Your loan will normally close shortly after you have signed the home loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three-day rescission period.