Here is what to expect during the stages of the mortgage process.
1) Complete the application on our website.
2) Gather the immediate documentation needed for us to review. This is generally income documentation but could differ depending on your file. Your loan officer will let you know what else may be needed.
3) Your loan officer will review the application with you and discuss the options you have available.
4) We will discuss your file with a lender or through an automated underwriting system to let you know what else may be needed.
5) After we have a clear path as to what lender and program you will qualify for, we will let you know what else is needed to get your file into underwriting.
6) When we have the remaining documentation, your file will be submitted into underwriting to obtain a loan commitment. This generally only takes a few days. Generally, we will then order the appraisal.
7) After we receive the underwriting decision, we will review the terms of the decision with you and advise you if something else is needed. It is usually during this time that we are waiting for items like appraisals, title searches, etc.
8) At the same time that we are gathering any remaining documents, we will ask you to obtain insurance for your home (if you are purchasing a home), or to decide on what company you will use for the insurance.
9) At this point, any final items will be reviewed with you, and we will be on the home stretch towards closing.
10) At least three days before closing, a preliminary closing disclosure will be sent to you for review. This must be acknowledged and reviewed before a final closing disclosure and closing package can be sent to the title company.
- If you are self-employed, we need the Last two years full set of tax returns, every page.
- Business returns also, if applicable all pages
- Last two years of W-2s and/or 1099s for all borrowers
- Last 30 days of paystubs for all borrowers
- Last two months of bank statements for any and all accounts being used for the transaction.
- Legible copies of all borrowers’ driver licenses
- Copy of the purchase contract
- Copy of the escrow deposit and proof the deposit has cleared the bank account
- Contact information for title company, realtors and home owner’s association (if applicable)
- If you are divorced, we need a copy of the entire marital settlement agreement and divorce decree.
- If you get child support, we need a copy of the child support agreement.
- If you have filed bankruptcy, we need a copy of the entire bankruptcy discharge and list of creditors papers, not just the discharge.
- If you receive child support, we must receive proof that you have received it for the last 6 months.
- If you receive rental income need a copy of a lease on the property you are renting.
- If you will be receiving rental income from property you are buying, we need proof of deposit from tenant and lease.
- For any properties you currently own and are not selling we must receive proof of the amount of insurance, and any associations dues that relate to those properties. If there is a mortgage on those properties, we must receive the mortgage statement.
- We will need you to fill out a credit card authorization to pay for the appraisal that will be forwarded to you from our processing staff.
PLEASE UPLOAD THESE DOCUMENTS IN THE SECURE LINK IN YOUR LOAN OFFICER’S
SIGNATURE LINE ANY QUESTIONS ON ALL DOCUMENTATION SHOULD BE DIRECTED TO THE PROCESSOR ASSIGNED TO YOUR FILE THEY WILL CONTACT YOU DIRECTLY
- If you receive rental income or are self-employed, we need the last two years of personal and corporate tax returns. All pages and schedules
- Last two years of W-2’s and/or 1099’s for all borrowers
- Last 30 days of pay-stubs
- Most recent mortgage statements for all properties you own
- Prior title insurance policy that you received when you bought your house
- Copy of a survey (which looks like a map of the property)
- Copy of homeowner’s insurance policy declaration page
- Last 30 days of paystubs for all borrowers
- Last two months of bank statements for all accounts (all pages even if one page is blank)
- Legible copies of all borrowers’ driver licenses
- If you filed bankruptcy, we must receive a copy of the full bankruptcy papers and discharge
- If you are divorced, we must receive a copy of divorce decree and marital settlement agreement
- If you receive child support, we must receive proof that you have received it for the last 6 months
- If you receive rental income need a copy of a lease on the property you are renting
- For any properties you currently own and are not selling we must receive proof of the
amount of insurance, and any associations dues that relate to those properties
We will need you to fill out a credit card authorization to pay for the appraisal that will be forwarded to you from our processing staff. (if an appraisal waiver is not approved)
PLEASE UPLOAD THESE DOCUMENTS IN THE SECURE LINK IN YOUR LOAN OFFICER’S SIGNATURE LINE
ANY QUESTIONS ON ALL DOCUMENTATION SHOULD BE DIRECTED TO THE PROCESSOR ASSIGNED TO YOUR FILE THEY WILL CONTACT YOU DIRECTLY
