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Loan Process

The Mortgage Process

WHAT TO EXPECT

From the open house to the Final closing buying your dream home can become quite a trying experience. Knowing just what to expect of everyone else, and more importantly, what is expected of you can help both you and the mortgage process move that much faster and smoother.
Heres a brief overview of the various stages involved in the mortgage loan process along with a few tips on just what to expect along the way. We hope this will help answer your questions and calm your concerns. Of course, if you have any other questions about financing a home, please feel free to talk with your mortgage loan reps.

APPLICATION INFORMATION AND DOCUMENTATION REQUIREMENTS

Property And Transaction
• Copy of sales contract (purchase agreement) and legal description for a purchase or copy of deed for refinance.
• Social security numbers, copy of photo ID, and certificate of eligibility for government loans
• Application fee and lock-in fee, if applicable.
• Residence addresses for last two (2) years tax returns with schedules.
• If divorced, copy of divorce decree and property settlement statement.

Income And Employment
• W-2’s for last two (2) years and one (1) complete month of pay stubs.
• If commissioned, the above plus last two (2) years tax returns with schedules.
• If self-employed, both of the above, plus year-to-date profit and loss business tax returns and balance sheets.
• Names and addresses of each employer for last two (2) years.

Assets (Deposit Accounts) and Liabilities (Loans/Credit)
• Latest three (3) months bank statements for all accounts, all pages.
• Names, addresses, account numbers, outstanding balances, and monthly payments to all open loans.
• Addresses of other real estate owned and corresponding loan, tax and insurance information.
• Canceled rent or mortgage payment checks for past twelve (12) months.

The initial loan approval process can take as little as one hour.
The completion of application and gathering of all supporting paperwork and documentation can take several weeks. You will receive loan status updates on a regular basis from your Mortgage Experts Loan Representative and Processing Team who will advise you from start to finish and provide any necessary assistance along the way.

COMPLETING THE APPLICATION

Your Mortgage Loan Experts Will:
• Explain all available loan programs, including interest rate options, possible terms, and low documentation loans.
• Send and/or take your application in person or over the phone (347)-724-2140

You Should:
• Select your mortgage program and expected closing date.
• Indicate whether you want a guaranteed rate or prevailing rate option
• Complete and submit your application, including sales contract, supporting documents, and required fees.

PROCESSING

Your Mortgage Experts Processing Team Will:
• Mail state and federal regulatory disclosures (truth-in-lending, for instance) for your immediate review.
• Order an appraisal from a licensed appraiser.
• Order a credit report from a credit bureau.
• Verify income from employers and other income sources.
• Verify sources of down payment from banks, credit unions, etc…
• Review your credit history, financial statements, and credit reports received.
• Request any additional data necessary for processing you application.

You Should:
• Review all disclosures and documentation, and in some cases, sign and return them to Mortgage Experts.
• Provide any requested documentation in a timely manner within 3-days of request.
• Review your verified application information for accuracy.

LOAN UNDERWRITING AND/OR APPROVAL

Your Mortgage Experts Processing Team Will:
• Submit your completed file to our underwriting department and/or a private mortgage insurance company (if you loan to value exceeds 80%).
• Base our/lenders loan decision upon submission through automated underwriting review of your file for approval.
• Notify you and your authorized attorney/agent in writing of out/lenders loan decision.
• Coordinate with you the necessary Home Owners Insurance coverage’s.

You Should:
• Review the condition of the approval, such as rate options. Term, etc.
• Obtain homeowner’s insurance and other applicable insurance.
• Review your responsibilities with your Mortgage Experts Loan Representative, Processing Team, and your attorney
• Establish. Confirm your closing date with your attorney.

CONFIRMATION

Your Mortgage Experts Team & Loan Officer Will:
• Confirm the final rate, closing conditions, estimated closing costs and closing date with you.

You Should:
• Confirm relevant closing information with your closing attorney/agent.
• Obtain a certified or cashiers check for closing.

CLOSING

The Closing Attorney/Agent Will:
• Attend closing, review and sign appropriate documents, and pay required fees and charges.
• Bring two forms of valid picture identification.
• Set aside one to two hours to complete the closing.

Reqardless of your financial needs- a mortgage on a new purchase a refinance on a current home, a prime equity line/second mortgage, or insurance for your home and family- we want you to feel comfortable with Mortgage Experts.

Hope I've given you a better under standing of the mortgage loan process.

Thanks you for choosing me.

Joe Styles

(office) 718-529-1195

(Fax)    718-835-2036

(cell)    347-724-2140

(email)  Joe@JoeStyles.com