***Are you getting an Adjustable Rate Mortgage (ARM)? Please review this disclosure and CHARM information packet from the CFPB (Consumer Financial Protection Bureau).
***Are you Buying a Home? Please review the Home Loan Toolkit disclosure and information packet from the CFPB (Consumer Financial Protection Bureau).
WHAT TO EXPECT
The following verifications can take place during the loan process:
- Online or printed loan application completed & signed (Obtain on this website or by contacting us directly) APPLY NOW!
- Once we provide the initial approval and proposal, you will receive several application & disclosure documents that must be signed before we can complete the underwriting on your loan
- We request a copy of each borrower’s driver’s license (To comply with the Patriot Act)
- We’ll ask for your current pay stubs (usually the last 3 consecutive paystubs) and your federal tax returns for the past two years (all pages), including standard forms w-2 or K-1. (Note: business federal tax returns and additional support documents can be requested of self employed borrowers)
- If you have even a small amount of other income, please disclose it to us upfront so we can properly verify it and minimize your additional paperwork requirements
- We’ll ask for current bank account statements (The last 2 months received, ALL PAGES of the bank statement, front and back). If large deposits are shown on your account statements, we’ll need to see where those funds came from
- If this is a purchase mortgage, we’ll request a copy of the buy-sell agreement and the name of your Realtor
- If this is a no-appraisal streamline mortgage, we will need a copy of the original mortgage “Note” from your original loan closing
- If an appraisal is required, we’ll ask for your credit card information to pay it
- Your home will require hazard insurance, so we’ll request the name of your preferred insurance agent
- If you have recently divorced, file bankruptcy or foreclosure, we will need documentation to verify this, such as a divorce decree, property settlement agreement, bankruptcy discharge, and possibly other documents, so please provide what you can early on in the process
If you currently own Real Estate, we would like:
- Current mortgage statement for each mortgage you hold
- Homeowner’s insurance agent information- for each property you insure
We will order on your behalf:
- Credit report
- Property title report & a hazard insurance binder
- Property inspection or appraisal
Any of the information provided in your loan application could be verified. Therefore, additional documentation may be requested about your residency history, recent funds transfers, other companies owned, recent credit inquiries, etc. If you wish to disclose / document these items in advance, it may make the process easier. Ask us if you have questions.