After you have decided on the home you want to buy, you will make an offer-to-purchase to the Seller through your sales associate. Once the Seller and you agree on the price by signing the offer-to-purchase, you then can start your loan application.
The following are a number of steps in the processing of your loan:
- You will interview with your loan officer-providing the information listed on the "Application Checklist."
- The appraisal is ordered to verify the value of the home. Also, a mortgage report is requested from a credit reporting agency to verify your credit and other important information.
- We continue processing your application by verifying, in writing, your job, income, debts, assets, credit, etc.
- We will do final underwriting after this information is compiled and received.
- After all information is complete, we will notify you and your sales associate of the answer as soon as possible, usually within five business days.
- Once a date and time are agreed on by all parties, a closing can be scheduled with the closing agent. The listing broker or Seller's attorney will then supply a closing statement and title commitment to the closing agent.
- You, the Buyer, will need to bring a certified check for the proper amount, along with a homeowners insurance policy and paid receipt, to the closing. You should also contact us with the homeowners insurance premium amount at least one week prior to closing.
- The closing agent will have you sign all the proper documents and will supply you with copies of these forms. Approximate time for closing is one hour.
Congratulahons on your new home!
Items To Bring To Loan Application
Note: The checklist used here are for your general guidance only; your Lender may require different or additional information. The loan charges and fees for services menhoned are provided only for examples; the fees can vary quite a bit depending upon whom you ask to provide the service; the loan charges also will vary depending upon the Lender and the type of loan. You should receive a Good Faith Estimate of Settlement Costs which, though still an estimate, will be more specific to the loan product for which you have applied.
- Name, address and phone number of your employer for the past two years. Also know the best address GDM can send a verification of employment.
- One month's worth of current pay stubs. (Example: If you get paid weekly, we need the last four paychecks. If you get paid every other week, we need the last two paychecks.)
- If you are a salaried employee, we need the last two years W-2 statements.
- If you are self-employed, we need full tax returns for the past two years (personal and corporate and partnership if applicable) including all schedules W-2s and K-1s.
- If you are self-employed, we need a year to date P&L either completed by or signed by an accountant.
- Last three month's worth of bank statements for all checking, savings and money market accounts OR name, address, phone numbers and account numbers for all bank accounts.
- Closing statement (HUD-1) on sale of previous home if applicable.
- Proof of sale of other assets if using funds for new home purchase or refinance.
- Current mortgage coupon book or statement.
- If living in home for less than two years, we need the address of residence to go back two years. (Including landlord/apartment name and phone number if applicable.)
- Coupon book or statement for all current loans (credit cards, automobile, student loans, etc.).
- Copy of contract on new home purchase.
- Social security numbers for all applicants.
- Check for $421.50 for credit report, appraisal and flood certification.
- Copy of lease agreement for any rental property owned. (We may ask for tax returns also.)
- Complete copy of divorce decree if applicable.
- Copy of vehicle title if vehicle is less then four years old and free and clear.
- Driver's license and social security card.
- Lot dimensions.
- DD214 (VA only).
- Declaration (first) page of current insurance policy.
- Schedule A and B of current title work.
- If current mortgage is less than five years old, bring old survey. (If you built a pool, fence, deck, etc., we may need new survey.)