about the Home Loan Process
Step 1 - Pre-Qualification
Before you start looking at homes, get qualified for a loan so you understand your buying power and peace of mind that you are ready to make the best offer to get the perfect home at the perfect price!
Step 2 - Pre-Approval
Before you go under contract, get fully approved so that you know that you have a strong position when you make your offer and you are less likely to have any surprises!
Income Documents Typically Needed
Most recent 30 days of paystubs
Most recent 2 years of W-2s
Most recent 2 years of tax returns if self-employed
Asset Documents Typically Needed
Most 2 months recent bank statements (all pages)
Proof of gifted funds (if applicable)
Step 3 - Contract to Close
Once you get under contract, let us know as soon as possible so we can get your loan through the process as fast and easily as possible.
Sign initial loan disclosures electronically
Sign rate lock electronically
Submit any needed documentation securely electronically
Pay for your appraisal, which is the licensed person who will go out to the home you are buying or refinancing to ensure that the home is in good condition and give their opinion of the value of the home. The loan is based off of the sales price or the appraised value, whichever is lower.
Once the file is complete, your loan application is submitted to underwriting where it is reviewed to make sure it's set for compliance with the loan program guidelines
The underwriter may ask for more information or "conditions"
Once all of the "conditions" are cleared, your file is "clear to close"
Pre-closing disclosures will be signed electronically so you get an updated version of the costs to close BEFORE you are at the closing table.
Closing will happen either at your title company or sometimes with a notary who comes to your home to witness your signatures.
Congratulations! Funding happens next and then you get the keys to your new home!