Save time and avoid delays by having this information available when you meet with your Lender
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Copy of Purchase Sales Contract or Offer to Purchase and all addendums signed by Buyer and Seller ( and signed Short Sale Lender's Addendum and approval for short sale transaction )
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Past 2 years tax returns and W-2's
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Past 2 years employment history
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Last 2 consecutive paycheck stubs ( 4 if paid weekly )
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Name, address and phone number for past 2 years residence(s) and Landlord(s). Renters should bring evidence of 12 months rent payments.
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Last 3 month's statements for savings, checking, CD's, money market accounts, etc.. ( include all pages of the statement)
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Recent statement on retirement accounts ( IRA, 401K, 403-B, Annuity, etc...)
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Monthly payments and balances on all open accounts
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Divorce Decree ( if applicable )
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Bankruptcy schedules/Discharge papers ( if applicable )
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If you are NOT a US Citizen, provide a copy of your green card ( front and back ) . If you are NOT a Permanent Resident provide a copy of your H-1 or L-1 Visa.
Find out how much you are qualified to borrow
When buying a home, you may be pre-qualified or pre-approved. You can be pre-qualified over the phone or on the Internet in a few minutes. Pre-qualification is not as useful as pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you become pre-approved before you start looking for a home.
Being pre-approved will:
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Inform you of your maximum affordable home value, and save you time from previewing outside of your price range.
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Put you in a stronger negotiation position with the Seller, because the seller will know your loan is pre-approved.
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Help you close more quickly, since your loan is already pre-approved.
Which loan program is best for your needs and situation ?
- Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable-rate or a balloon loan program. If you plan to keep your home a longer time, you may want to consider a fixed-rate loan.
- Understand the relationship between rates and points. Points are considered pre-paid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example, 1 point on a $150,000 loan is $ 1500. The more points you pay, the lower your rate will be.
- Compare different loan programs. With so many programs to choose from, it's hard to figure out which program is best suited for you. Consult with an experienced mortgage professional or specialist who can help you tailor the loan program that best fits your short-term and long-term plans.
All the research and preparation you've done to this point makes this step an easy one.
You can apply online or in person. Complete and sign the residential loan application, Form 1003 and the attached loan info sheet, credit authorization and fair lending notice.
Once your loan application has been received, the loan process starts immediately. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts.
- Property Value
Based on your specific situation, additional documentations or verifications may be required.
To improve your chances of obtaining a loan-approval:
- Fill out the application completely.
- Respond promptly to any request for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
- Anything that causes your debts to increase may have an adverse affect on your current application.
- Do not move money into your bank accounts unless it can be sourced and documented. If you are receiving a money gift from friends, families or other relatives, please notify your loan officer at the start of your loan application.
- Do not leave town near the closing date. If you already have plans to leave town when your loan is expected to close, you may sign a power-of-attorney to authorize another individual to sign the closing loan documents on your behalf.
- Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score, credit inquiries may lower your credit scores and may have an adverse affect on your loan approval.
After your loan is approved, you will be required to sign the final closing loan documents. This will normally take place in the presence of a escrow closing agent or a notary public. Be prepared to:
- Bring a cashier's check for your down payment and closing costs if required after you sign your closing loan documents. Personal checks are normally NOT accepted.
- Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised and agreed upon. Also, verify the accuracy of your full legal name and address on the loan documents.
- Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also may require seeing your social Security card.
Your loan will normally close very shortly after you have signed the final closing loan documents. On refinance and home equity loan transactions, federal law requires that you have 3 days to review the loan documents before your loan transaction can close. Purchase transactions do not have a 3-day recission period.
2033 Gateway Place | Suite 500 | San Jose | CA 95110
Office : ( 408) 568 - 4323 Fax: (408) 519- 6893
We lend in the following states: California, CA Dept. of Real Estate Broker License # 00896930, NMLS #392232
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