Loan Process |
1. Organize Financial Documents
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Loan consultants need financial documents from you so they can
validate them with the financial requirements from lenders. Gathering
these documents and having them readily, available is the first
step in the loan process. These documents may include:
- Two years W-2 and one month of pay stubs
- Two years tax returns and a YTD profit and loss statement.
- Three months bank statements for each bank, stock and mutual
fund account.
- Copies of any stock brokerage or IRA/401K accounts
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2. Getting Qualified |
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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. Most people think those are two of the
same; that is not the case. Typically, a buyer gets pre-qualified
over the phone or on the Internet within minutes. A pre-qualification
is not as beneficial as a pre-approval, which requires a more
rigorous process to verify 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.
Get Qualified Now |
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3. Shop Loan Programs and Rates |
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.
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. |
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4. Apply For a Loan |
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Have a Loan Specialist Contact You
Apply Over the Phone
Apply Online
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5. Obtain Loan Approval |
Once your loan application has been received, the loan approval
process begins. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund
and retirement accounts
- Property value
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6. Close the Loan |
After your loan is approved, you will be required to sign
the 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.
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