Make sure you have the following documents before you get started on your purchase or refinance:

For Wage Earners:

1. Most recent one month pay stub.
2. Most recent two years W2’s.
3. Most recent two months bank statements.

For Self-Employed:

1. Most recent two years tax returns.
2. Most recent two months bank statements.

For residents of the United States we will also need a copy of your driver’s license and social security card.

For non-residents of the United States, we can still qualify you as long as you have two years remaining on your current work permit card or an ongoing history showing that your current work permit card has been renewed at least once in the past.

After identifying what you will need to purchase a home or refinance your current home, you will need to fill out a mortgage loan application. Your credit report will be pulled to be evaluated during this process.

For Purchases:

1. You will need anywhere from 1% - 5% down payment to qualify for a mortgage loan. In some cases, we can provide 100% financing depending on what program you choose and on your current financial and credit situation.
2. After evaluation, if your financial and credit position looks good you will receive a pre-qual letter from a Loan Officer stating that you’re pre-approved at a certain loan amount. You will then be able to start shopping for a home.
3. Once you’re under contract we’ll need the REPC (Real Estate Purchase Contract) to plug in the subject property address on the mortgage loan application to have you sign and date it.

For Refinances:

1. We’ll need copies of your last settlement statement and mortgage note. Additional conditions may apply.

After providing all the documentation necessary to get started, the Loan Officer and Loan Processor will work together to complete all the conditions from the underwriter to close the deal.

This may include a little extra work on your part. Sometimes, depending on the client and their financial and credit situation, the underwriter may request letter of explanation, additional paperwork, and updated copies of documents to clear all the conditions to close.

During the process, just be patient and understand that it takes time to close the deal. On average, it can take anywhere from 30-45 days. It’s best to stay in close communication with your Loan Officer and Loan Processor to complete all the conditions from the underwriter to avoid any delays.

The goal is to put a financial puzzle together with all the backups and paper trail necessary to make it easier for the underwriter to clear all the conditions to close.

Prepare to close! After the underwriter clears all conditions you’re officially ready to close. An initial CD (Closing Disclosure) will be sent to your email address for your acknowledgement. Once you have e-­signed the CD you may close in 3 business days.

The Loan Officer will schedule closing with the title company at a time that works best for you.

For Purchases: The loan can fund and record on the same day or the next business day, depending on the time that it closed.

For Refinances: The loan will fund and record after 3 business days, due to the rescission period.

After the loan is funded and recorded, you’re all finished.

Congratulation!