Complete A Loan Application

What happens after I've applied for my loan?

It usually takes a lender between 1-4 weeks to complete the evaluation of your application. Often more information specific to your request will be requested once the application has been submitted. The sooner you can provide the information the faster your application will be processed. As part of the application process, the we will order a report on your credit history and a professional appraisal of the property your wish to finance. Once all the information has been verified we will contact you to advise you of the outcome of your application. If the loan is approved, a closing date is set.

What responsibilities do I have during the lending process?

Consumer Do's and Don'ts

• DO be sure to read and understand everything before you sign.
• DO accurately report your debts.
• DO tell the whole truth about financial gifts.
• DO be truthful about your credit problems, past and present.
• DON'T change your income tax returns for any reason.
• DON'T provide false supporting documents.
• DON'T sign any blank documents.
• DON'T buy property for someone else.
• DON'T overstate your income.
• DON'T overstate how long you have been employed.
• DON'T overstate your assests.

You will need the following information or documents:

• Pay stubs covering the last 30 days.
• W-2 forms for the past 2 years.
• Information on debts.
• Recent bank statements.
• Tax returns for the past 2 years may be required.
• Proof of any other income.
• Address and description of the property you wish to buy or refinance.

What are pre-paid expenses and closing costs?

There may be closing cost customary or unique to a certain locality, but closing cost is usually made up of the following:

• Attorney's or escrow fees (Yours and your lender's if applicable)
• Property taxes (to cover tax period to date)
• Interest (paid from date of closing to 30 days before first monthly payment)
• Loan origination fee (covers lenders administrative cost)
• Recording Fees
• Survey Fee
• First premium of mortgage insurance (if applicable)
• Title Insurance (yours and lender's)
• Loan discount points
• First payment to escrow account or future real estate taxes and insurance
• Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
• Any documentation preparation fees
• Appraisal fee
• Credit Report