Apply For The Loan
The home loan application requests information pertaining
to the property you are buying, personal history and may require
you to provide the following items:
- Proof of Income: A copy of your most recent
pay stubs, the last 30 days will suffice.
- W-2s: W-2 forms for the past 2 years from each
employer in which you collect income.
- Tax returns: If you are self-employed or using
rental income you will need to provide personal and business tax
returns for the last 2 years.
- Recent Bank Statements: Complete statements
for the last 2 months of any bank accounts.
- Investment/Retirement Income: Account
statements showing current market value of any investments you may
have such as stocks, bonds, 401(k)s or IRAs.
The application is submitted for review which will result in an
approval or denial of the request, subject to certain conditions
including acceptable property. All approved requests for home
loans will receive a pre-approval letter.
A loan processor is assigned to your account to see the loan
through to closing. The processor reviews the information supplied
borrower and determines if any additional information is needed.
An appraisal of the property is ordered and reviewed upon
A loan underwriter reviews your financial profile and compares
it to the guidelines of the loan you have chosen to determine if
all the submitted information constitutes an acceptable loan.
The closing is when the loan transaction is finalized.
Loan paperwork is signed and the disbursement of loan proceeds
is discussed. The loan process is completed, the title is
transferred and the loan is closed.