Organize Your Documents

1. If you are salaried: provide two years of W-2's and one month of pay stubs OR if you are self-employed: provide two years of tax returns and a YTD profit and loss statement.
2. If you own rental property, please provide rental agreements and two years of tax returns.
3. If you wish to speed up the approval process, please also provide three months of bank statements for each bank, stock and mutual fund account.
4. Provide recent copies of any stock brokerage or IRA/401k accounts that you may have.
5. If you are requesting a cash out refinance or a home equity loan, please provide a letter explaining what you plan to do with the proceeds.
6. Provide a copy of divorce decree if applicable.
7. 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.

Understand How Much You Can Borrow

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. In either case, you will:

1. Determine the maximum price you can pay so you don't waste time looking for properties you cannot afford.
2. Be in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
3. Close quickly, since your loan is already approved.

Obtain Formal Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

1. Credit history
2. Employment history
3. Assets including your bank accounts, stocks, mutual fund and retirement accounts
4. 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 until your loan is closed. Anything that causes your debts to increase might have an adverse effect 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.

Close the Loan

After your loan is approved, you will have to schedule settlement, which involves signing the final loan documents, usually in front of a notary public. Be prepared to:

• Secure a hazard insurance policy on the dwelling and provide a paid receipt naming the lender as mortgagee.
• 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.

On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan proceeds are disbursed.