1. Preparation
The Getting Started Kit provided by your Mortgage Consultant contains
an Buyer's Information Form and an Important Document Checklist.
It is designed to gather personal and financial information about
you and any other individuals purchasing the home. The more complete
the Buyer's Financial Information Form is, the smoother the process
will be. It is important to provide all applicable documents listed
on the Important Document Checklist and to return your Getting
Started Kit to your community sales professional within the next
several days.
The following documents will be
required for each person applying for a Full Doc
loan:
-
Paycheck Stubs—most
recent paycheck stubs covering a full 30-day period.
-
W-2s/1099s—W-2s
and/or 1099s for the last two years.
-
Account Statements—The
last two month's statements for all savings, checking, investment,
and/or retirement accounts (all pages required).
-
Self-Employed?—The
last two years' tax returns, 1040s, W-2s, 1099s, and/or K-1s.
The following documents will be required
for each person applying for a STATED loan:
- Self employed - CPA letter stating
2 years of business
- W2 - Verification of employment
with salary stated not verified.
- Account Statements—The last
two month's statements for all savings, checking, investment,
and/or retirement accounts (all pages required)
Note: After a financial specialist
reviews the above items, additional documentation may be requested.
2. Expectations
Information you provide in your completed Getting Started Kit,
along with the direction provided by your community sales professional
will assist your Mortgage Consultant in selecting a loan program
that best fits your financial situation and personal preference.
In addition, your consultantl will:
-
Obtain—
A credit report for each person applying for the loan. The credit
report provides a history of financial transactions including
credit limits, monthly payments, and current balances.
-
Verify—
Income assets, and liability information contained in the initial
loan application verbal and/or written verifications.
-
Appraisal—A
licensed real estate appraiser will substantiate the value of
the property you are purchasing. This Appraisal will ensure
that the loan amount is appropriate for the value of the home.
-
Underwrite—A
loan decision will be issued based on four factors—income,
assets, credit record, and property value. An Underwriter will
review the information on your loan application and the information
collected on your behalf. Additional information or documentation
as required by the loan program guidelines may be requested.
3. Locking Your Rate
You have the opportunity to establish an interest rate guarantee
or "lock" the interest rate during the process up to
five days before your closing. Keep in mind that interest rate
may change somewhat each day. Only you can make the decision to
lock the interest rate on your loan. Therefore, it is your responsibility
to contact your Loan Consultant to determine the interest rate
and lock in your loan.
4. Settlement
After your application is approved, you will receive a firm closing
date and time to coincide with the completion of your home. Here
is what you can do to ensure that your closing goes smoothly:
-
Homeowner's Insurance—Thirty
days prior to closing, select an insurance carrier. Ten days
prior to closing, provide evidence of insurance (e.g., policy,
declaration page) on the property you are purchasing to your
Loan Consultant.
-
Documentation—Any
remaining information or documentation required to satisfy closing
conditions shown on your Notice of Loan Approval should be delivered
to the requesting party.
-
Closing—Each
person listed on the loan application is required to sign the
closing documents. In the event any applicant is unable to attend
closing, other signing arrangements can be made.
-
Photo ID—Be
prepared to provide photo identification such as a driver's
license.
-
Certified Check—Your
settlement representative will provide you with the dollar amount
necessary for closing your loan. All closing funds should be
in the form of a certified check or cashier's check.
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