Step 1: Collection of Required Paperwork & PreApproval
Two years tax returns and W2's (or 1099's)
Last two pay stubs
Two months bank statements - all pages
Copy of DL and SS Cards
Any additional asset or property documentation
Step 2: The Mortgage Application
The mortgage application is basically a two year financial picture of you and your credit history.
Credit Pull to input liabilities into application.
Run DU for up front underwriting approvals.
Step 3: Underwriting & CTC
Once the application is completed your loan goes to underwriting.
Simple Terms: It is like submitting an english paper to a teacher. They ask questions and then give it back to us. We make the corrections and give them explanations. This goes on typically two times before the loan is finally approved for closing.
Step 4: Closing & Funding
Two forms of ID.
On closing day you are required to bring two forms of ID such as a social security card and driver's license.
Cashiers Check or Wire.
Most of the time a cashier's check is acceptable and in some cases a wire of funds are required. At the closing your financing will fund once all documents are signed and your check or wire is accepted.
The overall mortgage process appears more overwhelming than it really is. We like to describe the process like flying on an airplane. There will almost always be turbulence during your flight, but we will get you there safely.