Mortgages are complicated. We make that our problem, not yours. Here's how we guide you through the process as simply as possible.
When it’s time to decide on the right loan for you, we've made this an exercise in speed and ease. You will want to begin gathering all the information you need to apply for and close your loan. Other factors affecting the loan you choose include insurance information and your down payment. Once you're ready, just answer a few questions and we'll provide you with a variety of loan options to help you decide.
Now is the time to find and organize some basic documents before you start looking for a loan. Collect all the information listed below in one spot and you'll be ready to go on to the next step.
Here's What You Need:
- Name, current address, social security number.
- Name(s), and work number(s) of employer(s) for the past two years.
- Monthly income for you and your co-borrower (most recent pay stub(s) with year-to-date income) including bonuses, commissions, and overtime income for the past two years. This information can be found on your tax return.
- If you are self-employed, you will need the last two years' tax returns for the type of business you own: Sole Proprietorship (Schedule C), Partnership (Form 1065), or Corporation (Form 1120 or 1120s). In addition, the last two years' personal tax returns (including K-1s.)
- Documentation to support credit history problems (if applicable), which can be a written explanation of late payments, bankruptcy (petition and discharge papers), defaults, judgments, and/or liens.
Coming up with the amount of money you need to secure the home and the loan you want can be a big hurdle for some potential homeowners. Speaking with one of our loan officers regarding your projected down payment can give you a clear picture of loan options that may work for you.
When you find your dream home, you can present the seller with your preapproved loan document, showing them that not only are you serious about buying their house, but you've already been preapproved for financing. It could make the difference between getting the house you want or watching some other bidder swoop in with a preapproved loan and grab that house away. Preapproval is good for 120 days and depends on the appropriateness of the property you want to purchase. Fees, like credit reports, may apply.
Where you live influences every aspect of your daily life. Take your time; think about schools, shopping, traffic, proximity to work, parks, coffee shops, restaurants, and the like. It helps to know the rules of the neighborhood you are interested in such as covenants, tax rate, crime rate, zoning, and natural hazards. Make a list of all the things you want in a home and talk with a real estate agent who can help you find the home of your dreams.
You've found a house you love. It has the perfect living room, or that playroom you've always wanted for the kids. But it's not yours, yet. First, you have to make an offer, in writing, and submit it to the sellers. This is usually done through your agent and is accompanied by your earnest money, which is a pre-determined amount of money, demonstrating that your offer is “in earnest.” Follow the advice of your agent when deciding how best to make your offer.
Here are examples of some things your offer should include:
- The price you're willing to pay.
- When you want to move in.
- What kind of inspections you'd like to have (structural, electrical, plumbing, etc.).
- If your ability to buy the house depends on your ability to get financing (which is taken care of if you're preapproved by us).
- The amount of time both you and the seller have to make all these things happen (usually 30 to 60 days). The seller usually has 24 to 48 hours to consider your offer or make a counteroffer, which means, under the terms you offered, they want to sell you their house, but they want a change.
It is always wise to make your offer “contingent on inspection.” That means that your offer isn't valid until the home has been carefully examined by a qualified home inspector who is trained to take a critical look at various aspects of the home including:
- Heating and Cooling System
- Electrical System
- Windows and Doors
- Exterior Grading (to make sure water drains away from house)
- Lender orders appraisal / title
- You provide paperwork for income and assets (if you have not already, or previous items have expired)
- Loan is submitted to underwriting for approval
Prior to closing, you will receive a detailed list of closing costs and how much money you will need to bring to the closing table. To close the deal on your house you will meet with a representative of the escrow company who is handling your loan. Once paperwork is signed and the title is recorded, ownership will transfer to you.
A new home or mortgage rate savings could be just a few clicks away.