The Loan Application Process

The Loan Application Process Once you find a lender that fits all of your requirements, you will begin the process of getting qualified and subsequently applying for the loan with your lender. PRE-QUALIFICATION W/ CREDIT REPORT: This is typically a shorter application that will give you the power of knowing how much money you can expect to be able to borrow. This will allow you to know what to plan and/or shop for including the general loan/Mortgage Programs and Rates Once you are ready to fully apply for the loan and/or you find the property you want to purchase - The next step is the Application process and Submission of the supporting Documentation. Below is a list of the Information and Documentation your lender will look for CURRENT EMPLOYMENT: Employer name, address and contact info Time on job Position in company (title) Wage/Salary including overtime, bonuses, tips & commissions BORROWER INCOME INFORMATION: W-2's for last 2 years For self-employed include P&L (Profit and Loss) Statement Expected Annuities, Pensions, Social Security (must continue for a minimum of 3 years after loan) Government financial resources received Child support due if any Alimony payments Income producing assets VA BENEFITS: Include supporting documents if you are owed any VA military benefits. Get the Certificate of Eligibility (COE), if applicable, from the VA. ASSETS: All bank accounts including your savings, checking, co-mingled business accounts & brokerage accounts Real Estate Total Investments including but not limited to retirement, stocks & bonds accounts Recent or qualified contracted immediate future income Down payment received as a gift from a family member DEBTS: Current housing Expenses - Rent/mortgage Any Liens against you personally or your property Alimony payments Child support Vehicle loan/debt Credit card balances Other Real property (Real Estate) debt SUBJECT PROPERTY INFORMATION: All Real Estate & Property taxes. Street address Contracted purchase price & closing date (if loan is for property purchase) Type of property - residential, commercial, single family, multi family, condominium, etc... Lot and Structure square footage HOA (Homeowner’s Association) fees FINANCIAL BLEMISHES: Having any of the following does not eliminate you from consideration. The lender will look at a variety of factors including the dollar amounts, # of payments, Time since last incident and overall financial habits. Lenders take into consideration- Late Payments Bankruptcies Collections Foreclosures Delinquencies TYPES OF LOAN: Understanding the types of loans that will be available to you based on the above details submitted. Many time the lender will ask what time of loan you are looking for. While your details will determine, which loan you qualify for, it is best to know your options before applying for the loan. You should at minimum look into… Fixed Rate Loans ARMs (adjustable rate mortgages) Forward mortgage reverse mortgages GPM (Graduated Payment Methods) Conventional Non-Conventional Conforming Non-conforming Government insured loans including VA, FHA, USDA Jumbo loan packages VA loans VISIT LINK BELOW FOR MORE INFORMATION:


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