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IF YOU ARE BUYING OR REFINANCING A HOME
- If you are salaried: provide
two years W-2 and one month of paystubs
OR if you are self-employed:
provide two years tax returns and a YTD
profit and loss statement.
- If you own rental property, please provide
rental agreements and two years tax returns.
- If you wish to speed up the approval
process, please also provide three months
bank statements for each bank, stock and
mutual fund account.
- Provide recent copies of any stock brokerage
or IRA/401K accounts that you may have.
- If you are requesting a cash out refinance
please provide a letter explaining what
you plan to do with the proceeds.
- Provide a copy of divorce decree if
applicable.
- If you are NOT a US citizen, provide
us with a copy of your green card (front
& back), or if you are NOT a permanent
resident provide us with your H-1 or L-1
visa.
IF
YOU ARE APPLYING FOR A HOME EQUITY LOAN
- If you are salaried: provide
two years W-2 and one month of paystubs
OR if you are self-employed:
provide two years tax returns and a
YTD profit and loss statement.
- If you own rental property, please
provide rental agreements and two years
tax returns.
- Please provide a copy of the note
on your first mortgage. This will normally
be found in your closing loan documents.
- Please provide a signed letter explaining
what you plan to do with the proceeds.
- Provide a copy of divorce decree if
applicable.
- If you are NOT a US citizen, provide
us with a copy of your green card (front
& back), or if you are NOT a permanent
resident provide us with your H-1 or
L-1 visa.
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GET QUALIFIED |
GETTING QUALIFIED BEFORE YOU APPLY FOR A
LOAN CAN HELP YOU
UNDERSTAND HOW MUCH YOU CAN BORROW.
When buying a house, you
may get pre-qualified or pre-approved. You
can typically get pre-qualified over the
phone or on the Internet in a few minutes.
A pre-qualification is not as beneficial
as a pre-approval where you have to go through
a more rigorous process which includes verification
of your credit, income, assets and liabilities.
It is highly recommended that you get pre-approved
before you start looking for a house. This
will help you:
- Find out the maximum house you can
buy, so you don't waste time looking
for properties you can not afford.
- Puts you in a stronger position when
you are negotiating with the seller,
because the seller knows that your loan
is already approved.
- Helps you close quickly, since your
loan is already approved.
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SHOP LOAN PROGRAMS
AND RATES |
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TO SHOP FOR A LOAN YOU WILL NEED TO:
- Think about how long you plan to
keep the loan. If you plan to sell
the house in a few years you may want
to consider an adjustable or balloon
loan. On the other hand, if you plan
to keep the house for a longer time,
you may want to look at fixed loans.
- Understand the relationship between
rates and points. Points are considered
to be prepaid interest and are tax deductible.
Each point is equal to one percent of
the loan. So for example 1 point on
a $150,000 loan is $1,500. The more
points you pay, the lower the rate you
will get.
- Compare different programs.
Shopping for a loan can be difficult.
With so many programs to choose from,
each of which has different rates, points
and fees, it's hard to figure out which
program is best for you. That's where
an experienced loan officer can help
you make a decision that's best for
you.
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OBTAIN LOAN APPROVAL |
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Once your loan application has been received
we will start the loan approval process
immediately. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts,
stocks, mutual fund and retirement accounts
- Property value
Based on your specific
situation, additional documents or verifications
may be required. To improve your chances
of getting a loan approval:
- Fill out the loan application completely.
- 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. Do
not buy a car, furniture or another
house till your loan is closed. Anything
that causes your debts to increase might
have an adverse affect on your current
application.
- Do not move money into your bank 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 do 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.
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CLOSE THE LOAN |
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After your loan is approved, you will be
required to sign the final loan documents.
This will normally take place in front of
a notary public. Be prepared to:
- Bring a cashiers check for your down
payment and closing costs if required.
Personal checks are normally not accepted.
- Review the final loan documents. Make
sure that the interest rate and loan
terms are what you were promised. Also,
verify that the name and address on
the loan documents are accurate.
- Sign the loan documents.
Your loan will normally
close shortly after you have signed the
loan documents. On refinance and home equity
loan transactions federal law requires that
you have 3 days to review the documents
before your loan transaction can close. |
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