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Organize your documents
If you are buying or refinancing a home
- If you are salaried: provide two
years W-2's and one month of pay stubs 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 two months
bank statements for each checking, savings,
retirement, and investment account.
- If you are requesting cash out
during the refinance, please provide a letter
explaining what you plan to do with the proceeds.
- 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 pay stubs 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.
- 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
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
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
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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