Our Loan Processes
1). In order to processing your loan, we first need the following documents
Citizenship status "Green Card (if applicable)"
Driver license (Please upload front and back)
Most Recent Two Paystubs
Most Recent Two Months Bank Statements
Most Recent Two Years Tax Returns
Most Recent Two Years W2
Additionally, if you are doing refinance, the following documents are required:
Most Recent Mortgage Statement
Most Recent HOA Bill (if applicable)
Insurance Declaration Page
Lease Agreement (if applicable)
2). Loan Processes
Once your loan application has been received we will start the review and submission process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out with you. This information includes:
Is your income sufficient to cover monthly payments? Industry guidelines are used to evaluate and verify your income and your debts.
What is your ability to repay debts when due? Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.
Do you have the funds necessary to make the down payment and pay closing costs?
Completed and Comprehensive Disclosure
Completed and comprehensive disclosures will be sent to applicants with fully transparency as law and policies required
Is there sufficient value in the property? The property is appraised to determine market value. Location and zoning play a part in the evaluation.
In some cases, additional documentation might be required before making a final determination regarding your loan approval.
3). Close Your Loan
After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and 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. The signing normally takes place in front of a notary public. All fees associated with obtaining a mortgage and transferring property ownership will be shown on your closing documents. Bring a cashiers check to closing or wire the funds to settlement agent before closing for cash to close. Personal checks are normally not accepted.
Your loan will normally closed once you have signed the loan documents. On owner occupied refinance loan transactions federal law requires funding after three days of closing so that you have 3 days to review the documents before your loan transaction get funded.