The loan approval process generally begins with an initial interview where you and a mortgage professional discuss the potential loan. You can send information to your mortgage professional before the meeting to verify your income and long term debts.
You may prefer to talk with your mortgage professional before house hunting to determine in advance how much you can afford and the mortgage amount for which you can qualify. This step is called pre-qualification and can save you time and trouble by making certain you are looking in the correct price range.
To complete the 1003 Mortgage Application, you will need to gather:
- Paystubs covering a 30 day period
- Last two years W2′s
- Last two years tax returns (please sign signature section on bottom of page 2)
- Copy of drivers license
- Copy of Social Security Card
- Last two months bank statements all pages
- Copy of full executed agreement of sale signed by all parties (purchase only)
- Home owners insurance declarations page
- Mortgage statement (refinance only)
Having these items on hand when you visit the mortgage company will help speed up the application process. Usually, an appraisal fee will have to be paid when you submit the mortgage application. After you speak with us, you should have a general idea if you qualify for the size and type of loan you want. After the mortgage application, we will let you know if you qualify for the loan within 24 hours.