The Loan Application Process
 

    There are four main steps involved in getting a loan. You will see that we have made our part as easy as possible.

 
   1.  PERSONAL INFORMATION – We will need to obtain your and any other co-borrower’s Social Security number, age, number of years of schooling, number and ages of dependents, current address and phone number. You will also be asked to detail your current housing expenses, including rent or mortgage payments, real estate taxes and insurance. We will also need your 2 year residence history.

   2.  EMPLOYMENT HISTORY AND SOURCE OF INCOME – Your ability to make the monthly payments on the mortgage and to afford the costs associated with owning a home are primary considerations in our loan approval process and should be your primary concern. Required information includes at least 2 year employment history with employer’s name and address, your job title, length of time of the job, salary, bonuses, commissions, and average overtime pay. Next we will need on full month’s paycheck stubs, Federal W-2 forms for 2 years and perhaps full Federal tax returns. If you are self-employed, full tax returns for 2 years.

   3.  PERSONAL ASSETS – A detailed listing of your personal assets is required on the loan application. You will need all bank accounts, both checking and savings, and money market accounts with account numbers and current balances. We will need the most recent 2 months – all pages. We will also need the same information on your investments accounts (IRA, 401K), the make, model ,year and value of your vehicles. If you own any other property, we will need the address, market value and what is owed on the property.

   4.  PERSONAL INDEBTEDNESS – We will pull a credit report after getting permission from you. We will use the debts on the report to determine your debt ratio. You will also need to supply us the information if you pay alimony or child support.

WHAT’S NEXT?
The loan application and all documentation that you have given us will be turned over to the processing department. Then it will go to the Lender’s underwriter. The processor will gather any other information the underwriter asks for. She will also verify all of the information given.
Within three business days after completing the application, we must provide you a “Good Faith Estimate” and the “Truth In Lending” showing the anticipated closing costs and the Annual Percentage Rate.

THE CLOSING PROCESS
After your loan has been approved by the underwriter, and all conditions met, it is sent to the closing department. Once again, everything is checked for accuracy and the closing package is forwarded to the Title Company. The closing agent at this point has run the title search and insured that the property is able to be conveyed by the seller without any encumbrances. The closing agent checks the title and makes sure that the lender has proper coverage.
The borrower will have to bring in a certified (or cashier's check) for the cash needed for closing.
The closing agent will obtain the necessary signatures on the closing documents and disburse the money.

Congratulations!! You are now a homeowner!!