Loan Surfer Home Buyer Guide

GETTING YOUR MORTGAGE

PAPERWORK YOU MAY NEED FOR THE LOAN APPLICATION When it comes time to submit your loan application, your lender will ask for a lot of different documents. Use this checklist to help get your paperwork in order.

APPLICATION PROCESS Once you’ve submitted your loan application, it triggers a series of events that must take place before you get your loan approval. The Loan Estimate: Within three days of submitting your application, your lender must provide you with a Loan Estimate (LE), which is a form that outlines that details of the loan that you’ve applied for. This is not a loan approval but rather a summary of what your loan will look like should you decide to move forward. Processing: If you decide to move forward, the application will then get turned over to the processor, who reviews the loan file to make sure all the necessary paperwork is present. The processor will work with your loan officer to collect all the documentation needed for the loan. During the processing stage, an appraisal will be ordered on your prospective property to ensure that the home is worth the amount of the loan for which you have applied. Appraisal: During the appraisal process, a licensed third party will evaluate the property in order to determine the value of the home. The appraiser will look at the home’s condition, age, and size. He or she will compare the property to other home sales in the neighborhood and consider the replacement cost of the property.

• Tax returns • W2s and/or 1099s • Recent bank statements

• Recent paystubs • Residence history • A list of all your debts, such as credit cards, car loans, student loans • A list of all your assets, including investment and retirement accounts • Additional documents may be required. Check with your loan officer for a complete and final list.

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