Loan Application Checklist and Instructions

A properly documented loan application makes your loan process go smoothly.

This checklist will help you gather your paperwork.

• Complete and sign the residential loan application, Form 1003, and the attached Loan Info Sheet, Credit Authorization and Fair Lending Notice. If you make a mistake while filling out the application just cross it out, and make the change. DO NOT USE WHITEOUT.
• If you are salaried, provide W-2's for the previous two years and one month of paystubs. If you are self-employed, provide tax returns for the previous two years, including all schedules and a year to date profit and loss statement. (Note: Provide copies of all requested documents. Do not provide original documents.)
• If you own rental property, provide the most recent rental agreements as well as tax returns for the previous two years including all schedules.
• To speed up the approval process, provide bank statements for the most recent two months, and recent statements for stock, mutual funds and IRA/401K accounts.
• If you are requesting a cash out refinance, provide a letter explaining how you will use the refinance proceeds.
• If applicable, provide a copy of your divorce and settlement agreement.
• If you are NOT a US citizen, provide a copy of your green card (front and back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 Visa.
• If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors.

Get Qualified

Getting pre-qualified before you apply for a loan can help you understand
how much you can borrow.

Being pre-qualified will:

• Inform you of your maximum affordable home value, saving you from previewing properties outside your price range.
• Put you in a stronger negotiating position with the seller because the seller will know your loan is pre-approved.
• Help you close sooner, since your loan is pre-approved.

Obtaining Loan Approval — Do's and Don'ts

Once your application is received we will start
the approval process immediately.

To Improve your chances of getting loan approval:

• Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
• Do not make any major purchases. Car, furniture or other purchases and credit enquiries can lower your credit rating.
• Anything that causes your debt to increase might have an adverse affect on your current application.
• Do not move money into your accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
• Do not go out of town around the closing date. If you plan to be out of town when your loan is expected to close, you may sign a Power of Attorney to authorize another individual to sign on your behalf.
• Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score. Credit inquires may lower your credit score and may have an adverse affect on your loan approval.

Closing the Loan

After your loan is approved, you will be required to sign the final loan documents.

This will normally take place in the presence of a notary public.

• You will be required to bring a cashier's check for your final closing costs if needed. Personal checks are normally not accepted.
• Review the final loan documents. Verify the interest rate and loan terms as well as the accuracy of the name and address on the loan documents.
• Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also require to see your Social Security card.

Your loan will normally close shortly after you have signed the loan documents. If you are refinancing federal law requires that you have three days in which to review the documents before your loan transaction can close. Purchase transactions do not have a three day recission period.