THE MORTGAGE LOAN PROCESS
The first step in the Mortgage Process is to complete a full loan application. Once your
financing options that are best suited for your goals. This beginning stage of the process does not guarantee an approval for a mortgage. However, it does provide the knowledge required to set realistic expectations in respect to spending limits.
Financial documents supporting the mortgage application must be submitted and verified by underwriters. Documentation commonly requested (but not limited to) would include 30 days paystubs, 2 years complete tax returns, 2 years W2’s and 1099’s, photo ID’s for all applicants, current checking and savings account statements, and recent retirement/investment account statements. If you have experienced a divorce or bankruptcy, supporting documentation will be required. Documentation
Home Shopping
Once a pre-approval is in place you can begin the process of shopping for your dream home! You might consult with your REALTOR® about your needs and prepare a list of available inventory that suits your search criteria. When the perfect home is located,
Begin the Loan Process
When all parties have agreed to the terms of the sales contract, you will meet with your
the type of mortgage, and term, has been determined, you will sign the Loan Application and the Loan Estimate. This document is not 100% accurate in the early stages, however, it does provide you with a realistic picture of your transaction.
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