Step 1

The most important part of the loan process is getting pre-qualified. An offer that is accompanied with a prequalification letter has an advantage in negotiating the terms of the contract. A second benefit is that the buyer knows beforehand exactly what they are qualified to purchase.

I can put the buyer in the hands of an experienced loan officer who can guide them to the most advantageous and appropriate loan for their needs.

The terms of the contract provide for loan approval based on loan application. The loan application needs to be made within the specified contract time frame.

The loan officer will give you a Good Faith Estimate of all closing costs involved with the financing. This will include:

Recurring Costs
-Homeowners Insurance
-Property Taxes
-Total Monthly Payment
-Including principal and interest

One-Time Closing Costs
-Loan Origination Fee
-Points
-Appraisal Fee
-Credit Report
-Other Lender Fees that can
include Document preparation &
Underwriting Fees

Loan approval documents needed upon application:
-The 2 most recent pay stubs
-W-2’s for the last 2 years
-Self-employed, 1040’s for 2 years
-Federal tax returns for the last 2 years
-Last 2 months’ bank statements
-Long-term debt information (credit cards, child support, auto loans, etc.)
-Proof of funds for your down payment
-All assets including savings, stocks, IRS’s, 401K’s autos, furniture, antiques, boats, and other real property

• Step 2: Off and Running - Looking for Your Home