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MORTGAGE
PROCESS
We
have broken the Loan Process into 4 easy to understand steps.
Pre-approval:
Apply
Online, in person, or by phone. We will Pre Approve
you within 15 minutes. If needed, we will present you with a letter
of pre-approval that you can give to your real estate agent or to
the sellers.
Loan
Processing: A Title Commitment / Appraisal
& Survey may be required. Once we have received the necessary
documentation (paystubs, bank statements, rental history, etc....)
from you, we will check to ensure everything is in order for expedient
final loan approval. We have many reduced documentation loans.
Final Approval: The
loan is then reviewed by an Underwriter for final Approval and closing
instructions are sent to the title company.
Close/Funding:
This is where you will meet at the Title company to sign
final documents. After closing, it takes 1-4 hours to fund
purchases and 1-3 days for refinances.
Generally
Required Documentation
Refinances require less / Better credit requires less
Bank
Statements
Last three (3) months of consecutive statements (when cash reserves
are required) |
Sales
Contract
Sales contract on purchase. |
| Pay
Check Stubs (last full month) |
IRA,
401K, Stocks, Bonds, Etc.
Most recent statements showing balances for the last three (3)
months or two (2) quarters (when cash reserves are required)
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Insurance
Agent
Name, company, and telephone number |
Appraisal
Application Fee
$325(most homes) |
| W-2's
and/or 1099's (last two years) |
Supplemental
Information
[needed when applicable]
| Complete
Tax Returns (last two years) |
Cancelled
Rent Checks (last 12 months) |
Final
Judgement
Divorce and/or child support, fully executed. |
Landlord
Name and phone number(s). |
Final
Bankruptcy
Discharge List and copies of all included debt. |
Leases
Current copies on each property. |
What
is a mortgage?
A
mortgage is a loan secured by real property (permanently affixed
to the ground house). There are 3 main types of mortgages: Conventional,
FHA, & VA.
Conventional
Loans
This type of mortgage is insured by private
corporations. If you conform to the private insurer's lending guidelines,
you will be eligible for the best market interest rates, and the
best mortgage rates in Virginia. You can also get a conventional
mortgage without insurance. There are many conventional programs
for W2 employees, self-employed, stated income and jumbo borrowers.
This is the most flexible type of mortgage.
FHA
Loans
These are loans funded by the government's
Fair
Housing Administration department.
VA
Loans
A mortgage that is insured by the Veteran's
Administration. If you are a veteran or properly related to
one, you can apply for this type of mortgage. These mortgages allow
you to finance 100% of the purchase price of a home with less income
and/or less-than-perfect credit.
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