How the Loan Process Works

1. Begin loan pre-approval process – Gather Required Documents
   • W-2’s for all wage earners for the last 2 years
   • Copies of the one months pay stubs for all wage earners
   • Copy of Federal Tax Returns for the last 2 years (needed for self employed and investors only)
   • Copies of 2 months checking bank statements
   • Copies of the last 2 months savings bank statements (savings, 401(k), IRA’s, etc.)
   • Copy of a valid driver’s license or government issued identification
2. Apply and Get Pre-Approved
   • This process helps you determine the amount you can borrow. Sign and complete the loan application and disclosures. At this time, income and credit verifications are completed as well as checks on your assets and liabilities. During the loan approval process, it is important not to significantly change the status of any of your financial accounts.
3. Compare Loans and Rates
   • Deciding on the loan amount and length of your loan period will help you determine if points and fees make sense. Do you plan to hold onto your property for an extended period? A fixed or a variable rate is one of many choices available to you. There are also several alternatives to points and fees. We can help you find the right loan program for you.
4. Lock your rate
   • Work with us to lock in your rate. You may be required to submit additional documentation before the loan can be approved. Your loan application will go through the final approval process which includes verifying the information submitted on your application. It is important to postpone making any major purchases or changing the status of your financial accounts. Large deposits and withdrawals must be documented. If you make any significant changes in your application information, please let us know beforehand.
5. Close your Loan
   • Review and sign loan documents. Check the documents carefully for the correct interest rate, loan amount, names and addresses. If you’re purchasing a property you may be required to bring a cashier’s check or to wire funds. Refinance loans on primary residences have a mandatory three-day rescission period.