RESOURCES

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Preparing for the Loan Process

Items Needed for Pre-approval
  • W2s from the last two years
  • 1040 Federal Tax Returns from the last two years (all pages)
  • If you are a business owner, you will need business tax returns and K1s
  • 2 most recent paystubs
  • 2 months of recent statements for all assets (checking, savings, money market, retirement, etc.)
  • Driver’s license or passport
  • Other documentation may include: offer letter for employment, school transcripts, social security or pension award letters, divorce decree, bankruptcy papers, short sale documentation.
Download Mortgage Loan Process Guide

Pre-Qualified vs Pre-Approval

Pre-Qualified

Getting Pre-Qualified involves supplying us with your overall financial picture, including all debts, credit, income and assets. We will review everything and give an estimate of how much you can qualify for. Pre-Qualification can be done over the phone or online and there is no cost involved. Pre-Qualification is quick, usually taking just one to two days. At that point you will receive a pre qualification letter, a list of items needed, and a loan estimate. Keep in mind that loan Pre-Qualification does not include an analysis of your supporting documentation. It is based solely on the information you have provided verbally and/or online for your application.

Pre-Approval

For an official Pre-Approval letter, you will need to supply us with all of the necessary supporting documentation that was requested on the “items needed list.” We will then review and validate all documentation supplied and provide you with an official Pre Approval letter up to a specified amount. Going through the Pre-Approval process puts you, the buyer, in the strongest position possible against the competition, when making offers on homes. In our intense buyers’ market, sellers are only considering serious buyers who have done their due diligence and are fully pre-approved.

Mortgage Loan Process

We work with you to come up with the very best solutions for your challenges!

1

Apply for pre-approval

2

Upon receipt of requested documents, we will schedule a time for you to meet to review your mortgage options

3

Start searching for your dream home!

4

Once your offer is accepted, your interest rate will be locked in

5

Appraisal and title work is ordered

6

Underwriting Review

7

You will receive final figures for closing

8

Attend closing with your driver's license and receive the keys to your new home!

FAQs

Got a question? We’re here to help.

  • Do we need to provide all of our information to get a rate quote?

    We can make assumptions but prefer not to since once we get your information it can change. There are over 25 different variables that go into the rate. Top variables are credit score, loan amount, loan compared to value, occupancy, and how much or if you want to pay what is called “discount points” to buy the rate down.

  • How long is a preapproval good for? How long does it take to get pre-approved?

    Preapproval is good for 120 days.  After that, information will have to get refreshed to extend that time. Preapproval can get done as quickly as one day or may take up to a week depending on how long it takes to receive your required information. 

  • What are the closing costs?

    The closing costs are mostly fixed costs associated with getting the loan. In addition, there are some variable items to set up escrow to pay for taxes and insurance at closing. Also, potential points to buy down a better interest rate or lender credit for a higher rate.  General rule of thumb of 3% of the purchase price can be a good gauge for homes in the $275K to $375K range. 

  • What type of loan is this and what is the term of it?

    You can pick a lot of different programs and different loan types. We will help you decide which one is the most suitable for you. A 30-year or 15-year conventional fixed loan are the most common right now. 


    See our loan options here.

  • What happens at closing?

    Closing is typically 45 minutes. You will be required to bring your money (cashier’s check or send a wire of funds prior) to closing. You sign your name on all required documents about 50 times. While they are making copies, you are able to ask questions regarding your new purchase. For example, what’s the garage code, who do you use for utilities (water, electric, internet, gas, garbage, recycling, etc), what day is the garbage pick-up, how do you use the fireplace, furnace, A/C, items we need to know about the garden, yard, shoveling, how are the neighbors?

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