PAYING FOR YOUR NEW HOME
During your initial consulatation, application and home search; meet with your mortgage consultant to discuss your financing needs. Your home mortgage consultant will explain your options, help you fill out an application and find out a mortgage amount you may qualify for or get underwritten credit approval.
Initial Consultation, Application & Home Search
You may be asked to provide the information below after you apply for a home loan, or during some part of the loan application process.
Most recent two years W-2s
Most recent year-to-date pay stub (less than 30 days old)
If self-employment income is used to qualify: Complete personal federal tax returns (all schedules)
Most recent two years' completed personal tax returns
Most recent two months' bank statements (must include all pages, even if there are blank pages, showing 30-day history from all asset accounts, including checking, savings, 401(k) and IRA)
If you own rental properties: copies of leases for all rental properties owned less than one year; most recent personal federal tax return (complete) with Schedule E
Complete copy of Bankruptcy Papers, if bankruptcy within past seven years
Copy of Divorce Decree/Seperation Agreement if applicable
Credit Explanation Letter signed by borrowers for any accounts paid more than 30 days late in the past 24 months
Copies of receipts for any deposits made to the builder (if applying after home is chosen)
Construction contract signed by you and your builder (if applying after home is chosen)
Determine the options and upgrades you want, keeping in mind the loan limits and guidelines.
After you've submitted your loan application and identified a property, if your loan is elibiglble, you can securely upload documents and track the status of your loan application.
Receive and review your initial Disclosure Package. This package will be provided to you within three business days after receiving your completed application, and includes your Loan Estimate, which will help you understnd the estimated closing costs and fees associated with your loan.
Receive a welcome call from your home loan processor who will work with you to process your loan.
Provide acknowledgement that you intend to proceed with your home loan and pay appplicable fees.
Provide all request documents to lender and sign and return all rqeuired disclosures from the initial Disclosure package.
Appraisal will be ordered to confirm that the loan amount is supported.
Approval of your loan will depend on the results of the property appraisal and any additional required documents the bank may need from you. Many times credit, income and assets are re-verified and documents that were provided at the beginning of the loan application will be requested again.
Finanical & Property Review
Once your appraisal is approved and the lender has received all outstanding documents from you, they will conduct a final review of your information. If your loan application is approved, they will send you a final conditional commitment letter, which details the loan amount you're approved for.
The bank will order title work on your behalf. The title company may send you a questionnaire to ensure the information they have is correct.
Prepare to Close
You should receive a Closing Disclosure no later than three business days before your loan closing date. It is very important that you carefully review your Closing Disclosure as soon as possible to ensure you understand the details of your loan and to verify the information is correct.
The bank will work with you to confirm your homeowners insurance policy, contact the title company to verify property title and notify you of the amount of money you will need to bring to closing, if any.
Your settlement or closing agent will confirm your final closing date as well as give you a Closing Package, which includes all the details of your loan and important disclosures you'll want to carefully review. Be sure to ask questions if there is something you don't understand.
Attend Your Closing
Be prepared to read and sign multiple documents.
Bring a cashier's check with you to pay for any closing costs.