Financing Your Purchase

                                       THE MORTGAGE PROCESS

If you are going to finance your new home purchase, you will want your mortgage process to run smoothly and go as quickly as possible. Here are some of the things that you can expect when you apply for a mortgage.

APPLICATION

Call the mortgage department of the lender you have chosen to work with to schedule an appointment. If you will be applying in person, bring along the following documents to help speed up the process:

** Social Security Numbers for all applicants/borrowers

** History of employment for all applicants/borrowers for the last 2 years, and income amount

** W-2’s for the last 2 years

** Payroll check stub for 1 month

** Current lender name, address and loan amount    OR     ** Landlord information if renting

** Checking and Savings account numbers and balances

** Last 2 years tax returns

** Balance and account numbers for all outstanding debt accounts

** Proof of any additional income for all borrowers

Your lender will provide you with the initial disclosures and a good faith estimate of your closing costs during the application process.

UNDERWRITING AND VERIFICATION

Once the lender has received all of the necessary documents, the file will go to the underwriting department for the following steps:

** Review the application

** Check credit bureau reports

** Verify assets and income/employments checks

** Assess the property you intend to purchase through an appraisal

** Loan approval

CLOSING

Your lender will take the following steps to prepare for closing:

** Contact all parties to schedule a time and location for closing

** Review your closing statement with you and let you know the exact amount of the cashier’s check you will need to bring to closing

NOTE: You will also need a binder from your insurance agent and a paid receipt showing the coverage for your new home.