Items needed to apply: (We will verify your employment/income, debts
and savings.)
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Employment:
Two recent years of W2s; One recent full months paystub (two years' tax returns if paid
bonus commission or self-employment).
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Debts:
List the name,
address, account number, balance and payment of any auto, student, personal or home loans
that you have. Provide account number, balance and minimum payment for credit cards.
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Savings:
Provide three
months' statements for checking, savings, retirement (all pages) (three full months or one
quarterly statement).
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Property:
Copy of sales agreement for purchase;
deed, survey and title insurance policy for refinance
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Closing Costs:
Closing costs will vary
depending on the type and amount of your individual mortgage and the purchase price or
refinance value of your home. A check for the cost of the appraisal and credit report will
be required at the time of application.
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Purchase: Normally these transactions require between 5-7% of the
purchase price in addition to the down payment. The 5-7% will include everything from hard
costs to the prepaid taxes and insurance escrows.
Refinance: Closing costs are based on the loan amount and can be included
in the new mortgage.
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The Process: |
Once you've gathered the above
information, your signatures will be needed and the application will be in process.
From the application to approval, it
takes about 2 to 24 hours for a mortgage commitment.
The process includes verification of all
items provided; a credit report and appraisal.
Once approved, our Title Company (Escrow
Company) can arrange the scheduling of the closing, of your real estate loan.
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