Our Mortgage Center

The Purchase Process

The decision to purchase a home is the first decision to make.  Here is the logical path through the mortgage process to the final goal – entering your new home.

• Consult a Loan Officer – I can evaluate your current financial situation and offer you the programs available which will best serve your  needs.
• Apply for a loan – After visiting with me, your Loan Officer, you will need to gather together documentation to support your application. This documentation serves as proof of what you have stated in your application form.  The more complete your application and supporting documentation – the easier the process becomes for everyone.
• Pre-Approval – Obtain a pre-approval letter from your Loan Officer and begin to shop for your new home with a qualified Realtor.
• Communication – Communicate honestly with your Loan Officer and your Realtor. This helps to ensure a smoother home buying experience.
• The House – Find your home, make an offer, obtain a contract, and get the copy of the contract to your loan officer.
• The Move – Begin the plans for the big move.
• Appraisals, Surveys, and Other Things – It is your mortgage company's responsibility to order the appraisal, survey, final inspection, repair inspections, and private mortgage insurance. Your responsibility is to obtain homeowners insurance and a termite inspection.
• Processing, Underwriting and Closing – Processors gather, organize and verify documentation. Underwriters make sure the submitted loan package meets lender's guidelines. Underwriters and processors work together with the lender's closing department to ensure that the closing documents and the transfer of funds are received by the title company in proper order and in a timely manner for the closing and funding of the loan.
• Enjoy – Pick up your keys and enter your new home.

HAPPY HOME OWNERSHIP!

Required Documentation

All mortgage lenders and financial institutions require certain documentation to begin the mortgage process. Required documents are listed below. This list is as complete as possible for the beginning of any mortgage process, however many programs require less documentation.

Each borrower must have:

• Copy of Social Security Card and Drivers License
• Last full month of pay stubs with year to date earnings
• Last 3 months statements on any/all bank accounts
• Previous 2 years W-2’s and tax returns
• Name, address and phone of Landlord. If living in an apt. complex, address & phone of manager.
• Names and addresses of each employer for last 2 years
• Names, addresses, account numbers, and minimum monthly payments on all open loans and/or accounts (cars, credit cards, etc.). Not needed to begin the process
• Copy of contract on desired home/property
• Complete copy of divorce decree signed & recorded (if applicable)
• Fee for Credit Report and Appraisal

Documentation for Specific Borrowers:

• Addresses and value of other properties owned
• Current statements on any and all stock and/or bond accounts
• Certificate of Eligibility or DD214 (VA only)
• Please contact me, your local loan officer, for documentation details.
• Bankruptcy or Foreclosure Papers, if applicable

Contact me, your loan officer, to discuss any documentation requirements.

Credit   Guidelines

Your credit history is important. Your rate,  mortgage company, and potential loan are driven by your credit report. But don't lose hope - this does not mean if you have less than prefect credit you aren’t able to get a mortgage! Don’t let your credit quench your dreams of home ownership!

Guidelines:

A  Impeccable

• No late mortgage payments last 12 months
• Bankruptcy discharged or settled 3+ years
• Foreclosure discharged or settled 4+ years

A-   Minor blemishes in last 2 years

• Fewer than two 30 day late mortgage payments
• No 60 day late payments on revolving or installment
• Bankruptcy discharged or settled 2+ years
• Foreclosure discharged or settled 3+ years

B  Acceptable blemishes in last 12 months

• Up to four 30 day late mortgage payments OR two 30 day and one 60 day late mortgage payments
• One 60 day late payment on revolving or installment
• No 90 day payments on mortgage, revolving, or installment
• Bankruptcy discharged or settled 18+ months with limited re-established credit
• Foreclosure discharged or settled 3+ years

C  Acceptable blemishes in last 12 months

• Up to five 30 day late mortgage payments OR two 60 day late mortgage payments OR one 90 day late mortgage payment
• No 120 day late payments on revolving or installment
• Bankruptcy discharged or settled 12+ months with limited re-established credit
• Foreclosure discharged or settled 24+ months

C-  Multiple blemishes in last 12 months

• Five or more 30, 60, or 90 day late mortgage payments
• One 120 day late payment outside current period on revolving or installment
• Bankruptcy discharged or settled 12+ months without re-established credit
• Foreclosure discharged or settled 12+ months

D  Erratic monthly payments

• Currently in foreclosure
• Bankruptcy discharged or settled 1+ days

If you have any questions concerning your credit, or even if you have no credit at all, please contact me, your local loan officer, for more information.

Some Things You Might Not Know –  But Should

Obtaining a mortgage can be a stressful experience for any home buyer, and I'm dedicated to relieving as much of your mortgage stress as possible. Follow these simple guidelines listed below and reduce stress from the process.

• Please do not quit or change jobs
• Please do not move money around to different bank accounts
• Please do not charge on credit cards
• Please do not make additional major purchases
• Please do not open any new lines of credit
• Please pay bills in a timely manner
• Please inform your Loan Officer of any changes

And most importantly, communicate your situation with me, your Loan Officer. Communication is the key to a smooth mortgage experience.

Please remember, just because your loan is approved does not mean it is closed. Please wait to make any financial changes until after you have left the closing table at the Title Company .