LOAN PROCESS

Organize your documents Get Qualified Shop loan programs and rates Obtain Loan Approval Close the Loan APPLY NOW   Organize your documents If you are buying or refinancing a home You must always provide the most recent two years W-2's and full income tax returns. A Self-employed borrower must provide two years personal AND business tax returns. If you own rental property, please provide rental agreements and proof the property has been a rental for the past two years if you are using the cash flow or income to qualify for the loan. Provide the most recent three months bank statements for each bank, stock and mutual fund account. Provide the most recent 3 months statements for any stock brokerage or IRA/401K accounts that you may have. We must be able to source and season any funds (if required) that you are using for your mortgage loan. Provide full copy of divorce decree if applicable. If Child Support is received we will need proof that it will continue for another 3 years. When using Social Security Income or Pension to qualify we will need your full awards letters. VA Benefits will require your DD214 and Certificate of Eligibility to qualify. If you are NOT a US citizen provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa. If you are applying for a home equity loan You must always provide the most recent two years W-2ís and full income tax returns. A Self-employed borrower must provide two years personal AND business tax returns. If you own rental property, please provide rental agreements and proof the property has been a rental for the past two years if you are using the cash flow or income to qualify for the loan. Please provide a copy of the note on your current mortgage. We will also require your previous survey. These items will normally be found in your previous closing loan documents. Provide the most recent three months bank statements for each bank, stock and mutual fund account. Provide the most recent 3 months statements for any stock brokerage or IRA/401K accounts that you may have. We must be able to source and season any funds (if required) that you are using for your mortgage loan. Provide full copy of divorce decree if applicable. If Child Support is received we will need proof that it will continue for another 3 years. When using Social Security Income or Pension to qualify we will need your full awards letters Get Qualified Getting qualified before you apply for a loan can help you understand how much you can borrow. When buying a house, it is always a smart choice to get pre-qualified. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification will allow you to shop for a home with the confidence that you will be approved for the home you choose to purchase assuming you stay within specific guidelines and parameters. Allow you to find out the maximum house you can buy so you don't waste time looking for properties you cannot afford. A pre-qualification will put you in a stronger position when negotiating with the seller, because the seller knows that your loan is already approved. A pre-qualification helps you close quickly![To The TOP of Page] Shop loan programs and rates To shop for a loan you will need to: Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand if you plan to keep the house for a longer time you may want to look at fixed loans. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example, 1 point on a $150,000 loan will cost $1,500. The more points you pay, the lower the rate. Compare different loan programs. Shopping for a loan can be difficult. With so many programs to chose from, each of which have different rates, points and fees, its hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you. [To The TOP of Page] Obtain Loan Approval Once your loan application has been received we will start the loan approval process immediately. This involves verifying your: Credit history Employment history Assets including your bank accounts, stocks, mutual fund and retirement accounts Value of the property you are purchasing or refinancing 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 pre-arranged date. Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase OR inquiries on your credit may have a serious and adverse effect on your current application. Do not move money into your bank accounts unless it can be clearly traced. If you are receiving money from friends, family or other relatives, please notify us of your intentions before making the final arrangements. Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf. You should notify us in advance if possible. [To The TOP of Page] Close the Loan After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to: Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted. Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. Sign the loan documents. Your purchase loan will normally close and fund shortly after you have signed the loan documents. Please note that refinance and home equity loan transactions require that you have 3 days to review the documents before your loan transaction may close and fund.[To The TOP of Page]