Application & Processing

The section provides a financing process summary.

Mortgage Brokers, Lenders & Underwriters:  The mortgage broker is the person or company who is your main contact throughout your loan.  They are often able to work with a number of lenders, who actually provide the funds for the loan.  Typically, the lender pays the mortgage broker a fee for acting as the intermediary and providing all the customer service.  The lender will have an analyst, usually called an “underwriter”, crunch your numbers and verify your documentation to confirm your ability to repay the loan.  Once you are in contract on a property, there may also be a loan approval committee which will meet to review the underwriters’ conclusions regarding your creditworthiness, and to evaluate the property on which they are lending, this is called the underwriting process.

Completing the Application:  There are standard forms to be completed when applying for a loan.  Some mortgage brokers keep these on their website so you can complete them and submit them on the Internet.  The information will be verified and used to qualify you for a loan, so take the time to answer the questions accurately.

Documentation: The mortgage broker will need copies of the documents you began gathering in the first phase of the loan process, including:

• Either two years of W-2 forms from your employer or two years of tax returns if you are self-employed
• Recent pay stubs
• Three months of bank and money market statements
• Brokerage, mutual fund and retirement account statements
• Proof of other income sources (alimony, trusts, rental income, etc.)
• Credit card statements
• Auto, boat, student, or miscellaneous loans
• Drivers’ license, passport or other form of ID
• If you’re not a US citizen, then you need a copy of your green card or visa
• Copy of any existing mortgage debts if you are applying for a home equity line of credit or another mortgage

Communication:  Once you are in contract on a property, questions are bound to arise.  Be sure to return your mortgage broker’s calls promptly to keep the process moving forward smoothly.  Check in with your broker periodically.  As your REALTOR^®, Signature Properties can greatly enhance this communication process.