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An Overview of the Loan Process Loan Process

Organize Your Documents

A properly documented file makes your loan process go smoothly. This checklist will help you gather your paperwork.

  1. If you are salaried: provide W-2's for the previous two years and one month of paystubs. If you are self-employed, provide tax returns for the previous two years, including all schedules, and a YTD profit and loss statement. (Note: provide copies of all requested documents. Do not provide original documents.)
  2. If you own rental property, provide recent rental agreements and tax returns for the previous two years, including all schedules.
  3. To speed up the approval process, provide bank statements for the most recent three months, and recent statements for stock, mutual funds and IRA/401K accounts.
  4. If you are requesting a cash out refinance, provide a letter explaining how you will use the refinance proceeds.
  5. If applicable, provide a copy of your divorce decree and settlement agreement.
  6. If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.
  7. If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors.
  8. If you are applying for a home equity line of credit or loan (second loan), also include your first mortgage note. (This should be with your closing loan documents.)

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a home, you may be pre-qualified or pre-approved. You can be pre-qualified over the phone or on the Internet in a few minutes. Pre-qualification is not as useful as pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you be pre-approved before you start looking for a home. Being pre-approved will:
  1. Inform you of your maximum affordable home value, and save you from previewing properties outside your price range.
  2. Put you in a stronger negotiating position with the seller, because the seller will know your loan is pre-approved.
  3. Help you close quickly, since your loan is pre-approved.

Choose Your Loan Program

What loan program is best for your situation?

Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed rate loan.

  1. Understand the relationship between rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your rate.
  2. Compare different loan programs. With so many programs to choose from, it's hard to figure out which program is best for you. David can help you find a loan program that best fits your short- and long-term plans.

Apply for your loan

Once you have a ratified contract it is time to meet with Dave to complete your loan application subject to the property that you will be purchasing.  At this appointment you will complete your loan application and we will review the contract of sale.   We will go over your monthly payment and amount of money needed at settlement.  You will also decide at this appointment if you wish to lock in your interest rate.

Please be sure to bring the following documents to this appointment:

  1. Ratified contract of sale
  2. Any updated documents to the information you have already provided including new paystubs or bank statements.
  3. If you have chosen at title company please bring their contact information.

 Obtain Loan Approval

Once your loan application has been received, we will start the loan approval process immediately. This involves verifying your:

To improve your chances of getting a loan approval:

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public. Be prepared to: