Organize
Your Documents
If you are buying or refinancing a home
-
If
you are salaried: provide two years W-2 and one
month of paystubs OR if you are self-employed: provide
two years tax returns and a YTD profit and loss
statement.
-
If
you own rental property, please provide rental agreements
and two years tax returns.
-
If you wish to speed up the approval process, please
also provide three months bank statements for each
bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or
IRA/401K accounts that you may have.
-
If you are requesting a cash out refinance please
provide a letter explaining what you plan to do
with the proceeds.
Provide a copy of divorce decree if applicable.
-
If
you are NOT a US citizen, provide us with a copy
of your green card (front & back) or, if you
are NOT a permanent resident provide us with your
H-1 or L-1 Visa.
If
you are applying for a home equity loan
-
If
you are salaried: provide two years W-2 and one
month of paystubs OR if you are self-employed: provide
two years tax returns and a YTD profit and loss
statement.
-
If
you own rental property, please provide rental agreements
and two years tax returns.
-
Please
provide a copy of the note on your first mortgage.
This will normally be found in your closing loan
documents.
Please provide a signed letter explaining what you
plan to do with the proceeds.
-
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy
of your green card (front & back) or, if you
are NOT a permanent resident provide us with your
H-1 or L-1 Visa.
Get
Qualified
- Getting
qualified before you apply for a loan can help you
understand how much you can borrow.When buying a house,
you may get pre-qualified or pre-approved. You can
typically get pre-qualified over the phone or on the
Internet in a few minutes. A pre-qualification is
not as beneficial as a pre-approval where you have
to go through a more rigorous process which includes
verification of your credit, income, assets and liabilities.
It is highly recommended that you get pre-approved
before you start looking for a house. This will help
you:
-
Find
out the maximum house you can buy, so you don't
waste time looking for properties you cannot
afford.
-
Puts
you in a stronger position when you are negotiating
with the seller because the seller knows that
your loan is already approved.
-
Helps
you close quickly, since your loan is already
approved.
Shop
loan programs and rates
To
shop for a loan you will need to:
Think about how long you plan to keep the loan. If you
plan to sell the house in a few years you may want to
consider an adjustable or balloon loan. On the other
hand, if you plan to keep the house for a longer time,
you may want to look at fixed loans.Understand
the relationship between rates and points. Points are
considered to be prepaid interest and are tax deductible.
Each point is equal to one percent of the loan. So for
example 1 point on a $150,000 loan is $1,500. The more
points you pay, the lower the rate you will get.
Compare different programs. Shopping for a loan can
be difficult. With so many programs to choose from,
each of which has different rates, points and fees,
it's hard to figure out which program is best for you.
That's where an experienced loan officer can help you
make a decision that's best for you
Obtain
Loan Approval
Once
your loan application has been received we will start
the loan approval process immediately. This involves
verifying your:
Credit
history
Employment history
Assets including your bank accounts, stocks, mutual
fund and retirement accounts
Property value
Based
on your specific situation, additional documents or
verifications may be required. To improve your chances
of getting a loan approval:
-
Fill
out the loan application completely.
-
Respond
promptly to any requests for additional documents.
This is especially critical if your rate is locked
or if you plan to close by a certain date.
-
Do
not make any major purchases. Do not buy a car,
furniture or another house until your loan is closed.
Anything that causes your debts to increase might
have an adverse affect on your current application
-
Do
not move money into your bank accounts unless it
can be traced. If you are receiving money from friends,
family or other relatives, please contact us.
-
Do
not go out of town around the closing date. If you
do plan to be out of town when your loan is expected
to close, you may sign a power of attorney to authorize
another individual to sign on your behalf.
Close
the Loan
After your loan is approved, you will be required
to sign the final loan documents. This will normally
take place in front of a notary public. Be prepared
to:
-
Bring
a cashiers check for your down payment and closing
costs if required. Personal checks are normally
not accepted.
-
Review
the final loan documents. Make sure that the interest
rate and loan terms are what you were promised.
Also, verify that the name and address on the loan
documents are accurate.
Sign the loan documents.
-
Your
loan will normally close shortly after you have
signed the loan documents. On refinance and home
equity loan transactions federal law requires that
you have 3 days to review the documents before your
loan transaction can close
Directions
for using the Online Application
You will need the following information to complete
the Online Application. If you are applying with a Spouse
or co-borrower you will need their information as well.
The more complete the application the quicker the approval.
One of our Loan Officers will call you for any additional
information that may be needed.
-
Current and past address information covering 2 years
- Current
and past employment information (addresses and
contact info) covering 2 years
- Current
gross income per month
- Banking
information for Checking and Savings accounts –
account numbers not required
- Listing
of current investment balances
- The
approximate mortgage loan amount you are seeking
When
you're ready with the above information
All information that you provide will be sent to the
loan officer that you designate at the start of the
application. If you do not have a loan officer you are
working with, please use the Corporate Representative.
Your application will be reviewed immediately. You will
also have the option of printing out your submission
and/or having an email copy sent to you via email.
Please
make sure you have provided the proper contact information
for us to call you.
If
you prefer to fill in the application manually please
download the application and fax it to us at (800)
449-4041.
We
will be in contact with you as soon as possible.
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