1 GETTING ORGANIZED

2 GET PRE-QUALIFIED

3 BEST RATES

4 APPLY FOR LOAN

5 LOAN APPROVAL

6 CLOSE THE LOAN

1.   Getting Organized

 

For buying or refinancing

 

•  Provide W-2 forms for the past two years.
•  Provide one month of pay stubs or two years of tax returns if self-employed.
•  Provide 2 months of bank statements.
•  Rental agreements and two years of tax returns will be needed if you own rental property.
•  If divorced, provide us with a copy of the decree.
•  Recent copies of any stock brokerage or IRA/401K accounts.

It is possible for you to get pre-qualified or pre-approved when purchasing a home. Pre-qualification can be as easy as a phone call away, whereas the pre-approval process can require more time.

 

This process includes gathering information that verifies:

• Income
• Assets
• Liabilities
• Credit

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3.   Get Competitive Rates on Loan Programs

Life of the loan

 

•   If you have plans to own your home for only a few years you may want to consider a balloon or adjustable loan.
•   If you plan to reside in your home for a longer period, you may want to look at a fixed loan.




Relationship between rates and points


 

•   Each point is equal to one percent of the loan.
•   Points are prepaid interest and tax deductible.
•   The greater the amount of the points you pay the lower your rates will be.

Making comparisons

 

•   We have many programs to offer you, all of which have different rates, points, and fees.
•   Let Lilliane guide you to the best rates and proper loan programs for you.

 

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4.   Apply for a Loan

 

CLICK HERE to apply for a loan on-line or call us.

 

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5.   Getting your Loan Approved

The loan approval process will begin after receiving and verifying your:

•  Application
  
•  Credit History
•  Employment
  
•  Property Value
•  Assets
•         Bank accounts
•         Stocks
•         Mutual Funds
•         Retirement accounts

 

We may need additional information from you to get you your best loan. Please respond quickly to any such request.

 

 

Avoid the following actions during the loan approval process

•   Making any major purchases such as automobiles or furniture that increase your debt
•   Moving money into your bank account
•   Leaving town around the closing date

   

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6.   Closing the Loan

 

After your loan is approved be prepared to:

 

•  Provide a cashier or personal check for the required closing cost.
•  Review final loan documents. Make sure that rates and terms match what was previously agreed to.
•  Sign the documents.

Your loan will close shortly after signing. Federal Law requires three (3) days to review documents of refinance and home equity loan transactions.

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