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An Overview of the Loan Process

Applying, Approval and Documentation Required 

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

  1. Complete the online application or feel free to call Carolyn to apply over the phone or to schedule an appointment.  Typically at application, no other documentation is required, however having the other items onhand for reference in the near future is best.
  2. If you are salaried: typyically you'll be asked to provide W-2's for the previous two years and one month of paystubs. If you are self-employed, you'll need to provide Federal tax returns for the previous two years, including all schedules, and a YTD profit and loss statement. (Note: Copies of all requested documents are fine--I do not need original documents.)
  3. If you own rental property, you'll most likely need to provide recent rental agreements and tax returns for the previous two years, including all schedules.
  4. If you have assets, typically I will need to see your most recent two months bank statements, and one most recent statements for stock, mutual funds and IRA/401K accounts.
  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 (if you filed within the last 4-5 years).
  8. If you are applying for a home equity line of credit or loan (second loan), providing a copy of your first mortgage note is also very helpful. (This should be with your closing loan documents.)

Obtain Loan Approval

Once your loan application has been received, I 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 estimates of your loan closing costs and payment, along with other initial loan disclosures.  Once you have completed those disclosures, typically the home will need to be appraised, titlework completed and home insurance that you choose, verified.  The entire process typically takes approximately 3 weeks, but sometimes a bit quicker.

Once the above reports are completed upon the property, the loan (purchase or refinance) will be ready to close and you will sign the final loan documents. This will normally take place in the presence of a title agent officer or attorney. Be prepared to: