The Mortgage Process.

Buying or refinancing a home is one of the most exciting, confusing and stressful financial transactions you’ll ever make. Without the guidance of dedicated mortgage consultant - loan documents, unfamiliar terminology and uncertainty can drain the joy out of buying a new home.

As soon as the Purchase agreement is signed, obtaining the financing for the purchase becomes very critical for all but a very few buyers. If you understand the steps required to qualify for a mortgage loan much of the stress can be avoided. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan.

Our application process is not as complicated as other lenders make it out to be. With ‘Loan Prospector’ and ‘Desktop Underwriting’, the loan application and the proper financial documentation provided by the client at the initial loan application will allow us to begin the process. These new computerized underwriting programs review your information electronically, allowing for answers in 24 hours or less. Once we have your approval we will be able to tell you if we need additional information from you in order to get your loan approved.

Requirements to process your loan are:

• 2 Years of W2’s, Full tax returns if you are self-employed and or a commissioned employee.

• One month of current pay stubs.

• 3 months of bank statements. (All pages)

• Recent 401K/Profit-sharing or other investment statements. (All pages)

• Divorce decree/ Bankruptcy papers if applicable.

The Loan Interview:

An initial appointment will be set for you to meet and discuss your financing options, and the best loan program for your needs.

Completing the Loan application form:

The loan application can be completed on many of our loan originators secure web sites, over the phone with any of our loan originators, or it can be done during the loan interview. The loan application is very important and it needs to be very detailed and the information has to be true and verifiable.

To prepare for the loan application it is important to know that we will be asking for personal financial information. The information that we receive from you is for our underwriters who approve your loan.

What happens after the loan application is taken:

Your information will be updated in our calyx program, your title work and appraisal will be ordered and more information may be requested from you. The processor will order flood certifications, verifications of employment, verifications of deposits, and any other information they need to process your loan. Keep in mind that this process may take a couple days. You will receive notification when your appraisal is received and also when your loan is approved.

Reducing the Anxiety of Waiting:

For many homebuyers, the period of time between the submission of the loan application and receipt of the commitment letter is one of uncertainty and concern. Request for additional information, unexpected delays and lack of communication all serve to increase the tension. There are a number of things that both you and the lender can do to reduce the stress.

Keep in mind that the lender wants to make the loan work. Loan underwriters are looking for ways to approve loans, not reject them. If you have to come to the interview with the loan officer fully prepared and have provided good documentation, you have done a great deal to assure prompt processing of your application and approval of your loan.

You and the lender need to make sure that the lines of communication are kept open. Mortgages Unlimited will be happy to answer any questions that you have during the loan application. Remember however, that it may take several weeks to process the loan.

You should be accessible if the lender needs additional information or documents during processing. Quick response to lender request helps keep the process on schedule. In order to protect you and the lender, mortgage loans require much more paperwork and legal documentation than an automobile or any other installment loan, and the lenders do not ask for more than is absolutely necessary.

Obtaining a mortgage loan need not be an ordeal that dampers the thrill of acquiring a new home. If you understand the lending process and are prepared to do your part, it simply becomes a key step in owning a home.