Real Estate Financing Experts
The Loan Process
Acquiring pre-approval is the first step in the loan process. The pre-approval is a no-cost, no obligation service that helps determine your comfort level and maximum price range. It can also strengthen your buying position. Apply for pre-approval now! (insert link here).
Different loan programs require different kinds of documentation. The mortgage documents needed may include, but are not limited to:
- Copy of most recent two (2) years of W-2 statements
- Copy of pay stubs covering the last (30) thirty days
- Copy of most recent monthly bank statements
- Copy of most recent statements on 401K, IRA, or Mutual Fund Accounts
- Copy of most recent brokerage statement for any stocks, bonds or certificates of deposits (or copies of actual certificate)
- Copy of the purchase agreement
- If you are currently renting you will need either 12 months canceled rent checks or the name and address of your current landlord
- If divorced—a fully executed divorce decree
- For a refinance—a copy of the mortgage deed, and most recent property tax statement
- For self employed borrowers employed in sales, paid by commission, or owning rental real estate—two (2) years signed personal tax returns—including all schedules. If self-employed through a corporation—last two years corporate returns as well as a year-to-date profit and loss statement and balance sheet
Once there is a signed purchase agreement, a good faith estimate is provided along with current mortgage interest rates. Recommendations on when to lock-in your mortgage interest rate will be given based on current market trends. An appraisal and a title search will be completed. Because communication is a vital part of the loan process, Bob will keep you informed every step of the way.
Finally, the closing completes the loan process. Home financing should be simple, straightforward and stress-free. Bob’s clients can rest assured that there will be no surprises at closing because he has the experience to foresee and handle potential problems before they arise. Bob’s knowledgeable guidance will smooth the way for a worry-free home financing experience as you purchase your new home.
Fax: (952) 591-0489