Relax, take your time and let the experts at Buyer's Edge guide you through the process.
- Select mortgage lender
Programs differ; interview several. Your Exclusive Buyers Agent Can Help!
- Be Prepared
Use the checklist below to help you gather necessary information before you apply.
Determines buying power; price range.
- Application -- Loan Officer
Outlines your financial requirements; helps determine the right mortgage plan for you; helps complete the application forms.
- Processing -- Loan Processor
Your primary contact. Gathers information; works with appraisers and credit agencies; keeps you updated on loan status.
- Processing -- Underwriter
Reviews all information and make a decision on your loan. Loan approval time: 2 to 4 weeks.
Your Loan Processor communicates the loan decisions; tells you if additional information is required before closing; coordinates closing with your Exclusive Buyer Agent.
Be sure that you have the following information available when you apply:
- Social Security Number
- Residence address for past two years.If you're a renter, landlord's address/phone for past two years. If you're a homeowner, loan number and mortgage holder for past two years.
- Name, address and phone number of each employer for the past two years.
- W-2s for the past two years and pay stubs for the past 30 days.
- If self-employed or commissioned, personal and business federal tax returns (all schedules) for the past two years, a year-to-date profit and loss statement, and balance sheet.
- Bank statements (including checking, savings, money market accounts and current loans) for the past 60 days. Be sure to include all pages of your statements.
- A copy of completed (fully executed) sales contract for the subject property.
- A check for your application fees.
- Evidence of additional sources of funds necessary to close the loan.
- Additional documentation requested.