Loans 101

The Truth About Lending - what to expect when buying

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.
  • Last two years full set of tax returns, every page.  Business returns also, if applicable
  • 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 (real bank statements, not online transaction histories).
  • Legible copies of all borrowers’ driver licenses
  • Most recent mortgage statements
  • Prior title insurance policy
  • Copy of a survey
  • Copy of homeowner’s insurance policy
  • 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.

Contact us today to find out
The TRUTH About Lending
1-888-76-TRUTH

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