What does it take to get you into your new home?
What will I need to do if I decide to refinance now?
---When you begin the financing process, you will need answers to the following questions:
It's a good idea to know whether or not you can get Pre-qualified before you begin to shop for your next property!
Touch Apply Now to pursue your Pre-qualified for your new home prior to actually starting the search for a property! Have the financing waiting on the property instead of the property waiting on the financing!
If you are considering refinancing the loan on your existing home, then the pre-qualification process would definitely help you decide whether refinancing is a good idea for you!
Pre-qualification
Pre-qualification occurs before the loan process actually begins. We will gather information about your income, assets, credit, and debts, and makes a financial determination about how much house you may be able to afford based on the information provided by the potential applicant.
Application
The application is the beginning of the actual loan process and should occur when you decide to purchase a specific property and have an accepted offer, or when you have determined that you wish to pursue a refinance your existing home. When you complete a mortgage application for a specific loan product and supply all of the required documentation for processing, products, various fees and cost, along with down payment options are discussed with more accurate numbers being available. The loan officer will deliver a Loan Estimate (LE) within three days that will itemize the rates and estimated costs for obtaining the loan.
Processing of your Estimated Loan
We will typically submit the application package to an automated underwriting system that will provide us with the list of necessary documentation needed for loan approval. In some cases, the application package may need to be manually underwritten in cases where an application package doesn't meet all the requirements for a system approval. In this case, we will not give up on you, we will continue forward with your loan application as long as we find that the package meets the minimum requirements to get an approval in the end.
The residential mortgage loan originator (RMLO) reviews the credit reports and documentation to verify your employment, debts, and payment histories. If there are unacceptable late payments, collections, judgments, etc., the rmol may requests a written explanation from you. The RMLO also reviews the appraisal and survey and checks for property issues that may affect final loan approval. We will put together an entire application package for the lender's underwriter to review and make a final loan decision.
Underwriting
The lender's underwriter is responsible for determining whether the application package prepared by us meets all the lender's criteria. If more information is needed, the loan is put into "suspense" and you will be contacted to supply more documentation.
If the underwriter approves the loan, the lender will issue a conditional commitment to lend. At this point, we will order title insurance, work with you to clear all conditions on the conditional commitment to lend, and then schedule a closing time once we are cleared to close. Conditions to the lender's commitment may include your providing documentation to address issues with credit, income, asset documentation provided, or the property that may arise during the processing and underwriting process.
Closing
The closing will occur after all conditions are cleared and the lender issues a full loan approval. At the closing, the lender "funds" the loan with a cashier's check, draft, or wire to the closing agent, who disburses funds in exchange for the title transfer to the property. You will provide any additional funds required to the title agent from the accounts provided to the lender during the underwriting process. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the lender's loan. Closings occur at different places in different states. For instance, some states require that the closing take place at a closing attorney's office, while others use a title or escrow company. You may also be able to close at your home.
Paperwork Needed
To apply for a loan, you will be asked to provide us with detailed documentation of your financial history. We will request a credit report from a credit agency and will verify the information provided in your loan application.
You will be asked to provide the following, so be prepared ahead of time:
- Social Security numbers and verification of the same for both you and any co-borrowers
- W-2 withholding forms for most recent 2 years, or 1099s and income tax returns if self -employed, for the past two years to verify your income and proof of employment
- Copies of checking and savings accounts statements for the most recent two months for any accounts that will be used for assets covering cash to close
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (eg. 401k or 403b program) that you would like considered.
- Recent 30 days of paycheck stubs
- The name, address, and contact information of someone who can verify your employment (Employment Verification) for your employer.
- Residential history for the past two years
- Sales contract for the purchase of a new home (if applicable)
- Homeowner's association information with their contact information (if applicable)
- Two legal forms of identification
- Do you want an adjustable rate mortgage or a fixed rate mortgage?
- What are your future plans for the property? How long do you plan to stay in the home?
- What loan terms would you prefer? Three year ARM? Ten-year fixed? Thirty years fixed?
- You will have the answers to the following:
- What loan amount do I qualify for?
- What interest rate does my credit score quality me for?
- How much do I have to put down?
It's a good idea to know whether or not you can get Pre-qualified before you begin to shop for your next property!
Touch Apply Now to pursue your Pre-qualified for your new home prior to actually starting the search for a property! Have the financing waiting on the property instead of the property waiting on the financing!
If you are considering refinancing the loan on your existing home, then the pre-qualification process would definitely help you decide whether refinancing is a good idea for you!
Pre-qualification
Pre-qualification occurs before the loan process actually begins. We will gather information about your income, assets, credit, and debts, and makes a financial determination about how much house you may be able to afford based on the information provided by the potential applicant.
Application
The application is the beginning of the actual loan process and should occur when you decide to purchase a specific property and have an accepted offer, or when you have determined that you wish to pursue a refinance your existing home. When you complete a mortgage application for a specific loan product and supply all of the required documentation for processing, products, various fees and cost, along with down payment options are discussed with more accurate numbers being available. The loan officer will deliver a Loan Estimate (LE) within three days that will itemize the rates and estimated costs for obtaining the loan.
Processing of your Estimated Loan
We will typically submit the application package to an automated underwriting system that will provide us with the list of necessary documentation needed for loan approval. In some cases, the application package may need to be manually underwritten in cases where an application package doesn't meet all the requirements for a system approval. In this case, we will not give up on you, we will continue forward with your loan application as long as we find that the package meets the minimum requirements to get an approval in the end.
The residential mortgage loan originator (RMLO) reviews the credit reports and documentation to verify your employment, debts, and payment histories. If there are unacceptable late payments, collections, judgments, etc., the rmol may requests a written explanation from you. The RMLO also reviews the appraisal and survey and checks for property issues that may affect final loan approval. We will put together an entire application package for the lender's underwriter to review and make a final loan decision.
Underwriting
The lender's underwriter is responsible for determining whether the application package prepared by us meets all the lender's criteria. If more information is needed, the loan is put into "suspense" and you will be contacted to supply more documentation.
If the underwriter approves the loan, the lender will issue a conditional commitment to lend. At this point, we will order title insurance, work with you to clear all conditions on the conditional commitment to lend, and then schedule a closing time once we are cleared to close. Conditions to the lender's commitment may include your providing documentation to address issues with credit, income, asset documentation provided, or the property that may arise during the processing and underwriting process.
Closing
The closing will occur after all conditions are cleared and the lender issues a full loan approval. At the closing, the lender "funds" the loan with a cashier's check, draft, or wire to the closing agent, who disburses funds in exchange for the title transfer to the property. You will provide any additional funds required to the title agent from the accounts provided to the lender during the underwriting process. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the lender's loan. Closings occur at different places in different states. For instance, some states require that the closing take place at a closing attorney's office, while others use a title or escrow company. You may also be able to close at your home.
Paperwork Needed
To apply for a loan, you will be asked to provide us with detailed documentation of your financial history. We will request a credit report from a credit agency and will verify the information provided in your loan application.
You will be asked to provide the following, so be prepared ahead of time:
- Social Security numbers and verification of the same for both you and any co-borrowers
- W-2 withholding forms for most recent 2 years, or 1099s and income tax returns if self -employed, for the past two years to verify your income and proof of employment
- Copies of checking and savings accounts statements for the most recent two months for any accounts that will be used for assets covering cash to close
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (eg. 401k or 403b program) that you would like considered.
- Recent 30 days of paycheck stubs
- The name, address, and contact information of someone who can verify your employment (Employment Verification) for your employer.
- Residential history for the past two years
- Sales contract for the purchase of a new home (if applicable)
- Homeowner's association information with their contact information (if applicable)
- Two legal forms of identification