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Application

The home loan application requests information pertaining to the property you are buying, personal history and may require you to provide the following items:

  1. Proof of Income: A copy of your most recent pay stubs, the last 30 days will suffice.
  2. W-2s: W-2 forms for the past 2 years from each employer in which you collect income.
  3. 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.
  4. Recent Bank Statements: Complete statements for the last 2 months of any bank accounts.
  5. Investment/Retirement Income: Account statements showing current market value of any investments you may have such as stocks, bonds, 401(k)s or IRAs.


Pre-Approval

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.

 

Processing

A loan processor is assigned to your account to see the loan through to closing. The processor reviews the information supplied by the
borrower and determines if any additional information is needed. An appraisal of the property is ordered and reviewed upon receipt.

 

Underwriting

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.

 

Closing

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.

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