Loan Process

LOAN PROCESS

Purchase a home or to Refinance:

Applying for a mortgage loan is merely a process to collect appropriate information regarding your income and credit history, however, it is the most essential step towards owing or refinancing a home. Don't hesitate in applying for a loan, there is no obligation. Starting with the information you provide us, we will work to obtain approval for a loan that meets your purchase or refinance needs.

Credit Report:

A lender is not in a position to quote an interest rate or a loan program without knowing your credit score and your liabilities. Perfect credit, not-so-perfect credit, or even bad credit doesn't imply that you are automatically approved or can not be approved for a loan.

Pre-qualified:

First and foremost it puts you in a position as a home buyer to know exactly how much you can afford. In addition, as a pre-qualified buyer, you have a stronger standing than a buyer who is not pre-qualified. It will also help to close the loan quickly.

Organize essential documents and get credit report

Purchase a Home

• Last two years W-2s and current pay stubs covering one month for salaried employees.

• Self-Employed persons please provide the last two years of tax returns and an YTD profit and loss statement.

• For rental properties please provide rental agreements and the last two years of tax returns.

• The last two months of current bank statements for each account.

• Copies of 401K, IRA, Pension or other retirement savings.

• Divorce Decree and Child Support, if applicable.

• Bankruptcy papers (all schedules) and Discharge if applicable.

• Name and address of your landlord, if applicable

• Letter to explain any derogatory credit.

Refinance a Home

• Last two years W-2 and one month of current pay stubs for salaried employees.

• Self-Employed persons please provide the last two years of tax returns and a YTD profit and loss statement.

• For rental properties please provide rental agreements and the last two years of tax returns.

• Most recent mortgage statements on all owned properties.

• The last two months of current bank statements for each account.

• Copies of 401K, IRA, Pension, or other retirement savings.

• Divorce Decree, if applicable.

• Copy of Homeowners/Hazard Insurance Policy

• Names, address, phone numbers, and account numbers of creditors to be paid at closing.

Loan approval:

Once we have received your application, our approval process begins. This involves verifying the following information:

• Credit report

• Employment and income history

• Personal Assets; bank accounts, stocks, pension, mutual funds, 401K, and IRA.

• Property value and title report

• Additional documents or verifications may be requested depending on your individual situation.