What to Expect

In order to ensure the process of obtaining a home loan is as stress-free and transparent as possible, it is important to understand some of the terms the lender looks for, and the items they will need to complete your loan.

The Application

This is the first step in giving your advisor the information they need to help pick a great loan program for your needs and goals. It is vitally important that this information is accurate to prevent the loan from being denied later in the process.

Documentation

This step is extremely important and often is the one step that can hold up a loan. Please sign and date, and then send back disclosures in a timely manner. Include any documentation that your mortgage advisor or transaction coordinator have requested. Please be sure to include all pages of your bank statements and a full 30 days of pay stubs.

The Appraisal

This will be ordered by a team member after your home inspection is completed and approved (if this is a purchase transaction). This generally takes five to seven days, but may be longer or shorter depending on volume.

The Title Report

This report shows if there are liens or other problems with the property that may delay or prevent closing.

The Submission

At this point, all the information that has been collected is organized and sent to an underwriter for approval. This process can take a few days, or as little as 24 hours.

The Conditions

The underwriter will send an approval which usually includes some conditions, or supplemental pieces of information needed to complete your loan. It is very important that any of these requiring action or documentation be taken care of as quickly as possible as to not delay your loan closing. Once they are all gathered, they will be sent to the underwriter for final review and approval.

The Docs & Signing

When everything has been approved by the underwriter, docs can be ordered. These are the documents you will sign to close and fund your loan. These will be sent to your title company to be signed.

Once they have received the closing documents and have worked up their figures, they will call to set up an appointment for you to sign. This usually takes 24 hours after they receive your closing documents. Once everything has been signed, they are sent back to the lender for funding.

Funding & Recording

Once all the signatures and closing documents are checked, then the loan can be approved for funding and recording. This will usually be 24-48 hours after signing. On rare occasion, additional signatures or conditions may need to be met and could cause a delay.

Items You Will Need

In order to speed up the process of closing your loan, please provide the following documents as soon as possible:

  • Last two years W2’s and/or 1099’s
  • Last two years Federal Tax Returns (1040’s), all pages and schedules
  • 30 days’ worth of paystubs, including pension or retirement income
  • Most recent month’s checking/savings account statement, all pages are required
  • Most recent statement for any IRA’s, 401K or stock accounts, all pages
  • Copy of Driver’s License (front and back) and copy of Social Security Card
  • Name and phone number of homeowner’s insurance agent
  • Name and phone number of current and/or previous landlord
  • Copy of Rental Agreement(s) and property tax statement(s) for any rental properties owned
  • Copy of Social Security and/or pension award letters
  • Student loan repayment terms if they are in deferment
  • Signed and Recorded copy of Divorce Decree/Child Support Order (12 months bank statements if receiving support payments)
  • Complete copy of bankruptcy papers (including all discharge papers)

If Self-Employed

  • Last two years corporate and/or partnership tax returns 1065’s, 1120’s, K-1’s
  • Current Profit and Loss statement and balance sheet
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