What to Expect

 

First-Time Home Buyers - Here's What To Expect

Buying a home? Here’s what to expect: this can be one of the most exciting experiences in our lives. It can also be one of the most stressful. We are here to help ease the stress and make the process and stress-free as possible.

It still requires diligence and work to prepare all the necessary documents that seem endless at the time. But it also can be an opportunity to get all your important documents in order. Once that’s done, we will keep in close contact to remove the anticipated anxiety that comes with waiting for the mortgage to be approved. We know that much of the unease results from not knowing what is going on. We will keep you informed every step of the way.

Here’s the progression of what to expect:

Process:
Fill out mortgage request form or contact us
Interview, in person or on the phone, this can also be done online
Complete application
Check list of required information
Credit check
Verification of employment

What you’ll need
A direct lender would have access to the widest variety of mortgage programs at great rates. And, you could close in as little as 21 days.

Pay stubs covering most recent thirty days
W-2 statements covering the past two years
Bank statements covering the most recent three months
401K, IRA, or Mutual Fund accounts showing most recent transaction summary
Stocks or certificates of deposit (copies)
Purchase and sales agreement (copy)
12 months cancelled rent checks or the name and address of your current landlord (if applicable)
Fully executed divorce decree (if applicable)
Deed, hazard insurance policy, and most recent tax bill if you are refinancing (copies)
A letter explaining any known credit problems or fluctuations in income

If you are self employed, paid by commission, or own real estate used for rental purposes you will need to produce:
Two years signed personal federal income tax returns including all schedules
If self-employed through a corporation, the last two years’ corporate returns as well as a year-to-date profit and loss statement and balance sheet
If additional information or documentation is requested, please provide it immediately.
Read all disclosures carefully and ask questions if you need clarifications. It is best to communicate all requests and clarifications in writing early in the loan process.
Ensure that the income you report on your application is the same income as that which is reported on your tax documents.
Inform your loan officer of any past credit problems.
Review your credit report carefully to verify its accuracy.