Loan Process

• Please provide two years W2's along with one month of paystubs.

• If you are self employed please provide two years full tax returns.

• If you are retired, please provide awards letters for social security, pension, and/or retirement along with two most recent bank statements showing check deposits.

• Please provide two months bank statements for each bank, stock and mutual fund account.

• If applicable, please provide bankruptcy discharge papers.

• If applicable, please provide divorce decree, and any other papers showing alimony and/or child support.

Get Pre-Approved

When purchasing a house, you should get pre-qualified or pre-approved. A pre-qualification can usually be obtained over the phone or on the Internet in a few minutes. A pre-approval is where you provide more information that includes verifying your credit, income, assets and liabilities. We would recommend obtaining a pre-approval prior to looking for a house in order to find out how much house you can qualify for. This will keep you from looking at houses you cannot qualify for.  Additionally, it will allow you to maximize your purchasing power.  This will also allow the loan process to go more smoothly.

Decide on a Loan Program

You will want to think about how long you will be in the house when deciding on which loan program is best for you.  For instance, if you only plan on being in the house for a short period, you would want to consider either an adjustable rate or balloon mortgage in order to get a lower interest rate.  On the other hand, if you plan on being in the house for a long time, a fixed rate product will probably meet your needs better.  There are many different types of programs and rates available to you, with new ones being added frequently.  It may be difficult to decide which program is best for you, which is where one of our experienced loan officers will be able to help you decide what is best for you.

Obtain Loan Approval

Once you receive your loan application, make sure to sign and send back as soon as possible.  Once it has been received, we will start processing your loan immediately. This involves verifying your credit, employment, income, assets, and appraised value of the subject property.  Depending on your situation, additional verifications might be needed in order to get an approval.  In order to prevent issues from arising make sure to: fill out the application completely, respond quickly to any requests for additional information or documentation, and most importantly make sure to be honest and upfront with your loan officer.

Close the Loan

After your loan is approved, you will need to sign the final loan documents. This will normally take place at your house on a refinance, or at the title company on a purchase.  If you are required to bring more than one thousand dollars to close, be prepared to have a cashiers check made out for the amount due.  Review the final documents and close the loan.  If this is a purchase the loan will fund immediately.  If it is a refinance, federal law requires a 3 day period to take place in order for you to review the documents before the loan funds.