1)

W-2 (2-years) & Current Pay Stubs, Self-Employment or 1099
- Last 2 years tax returns

2)

Landlord name/ Telephone
- Last 2 years

3)

Employer name/ Address/ Telephone
- Last 2 years

4)

Asset Information
- Past 2 month's statements where your funds to close Escrow are

5)

Information on Stocks/ Bonds/401K, etc.

6)

Name and telephone number of Realtor

7)

Name and telephone number of Escrow

NOTE:

The above is for fully documented loans. Reduced documentation and stated income loan requirements vary. Please call for complete details

top of page

The Home Loan Process

1)

Pre-qualification/ Pre-approval (Credit Report Run)

2)

Formal Loan Application Taken

3)

Escrow and Title Ordered

4)

Appraisal Ordered

5)

Income and Asset Information Verified

6)

Complete Loan Package Submitted TO Underwriter

7)

Loan Approved

8)

Obtain and Forward to Underwriter any additional items that may be required

9)

Interest Rate Locked

10)

Loan Documents Ordered and Sent To Escrow

11)

Loan Documents Signed by Borrower(s)

12)

Final Pre-Closing Conditions Sent To Lender

13)

Loan Funds Wired to Title

14)

Loan and Grant Deed Record, Close of Escrow

PRINCIPAL AND INTEREST PAYMENT TABLE

If your interest is:

Your PI factor is:

6.00%

6.00

6.50%

6.32

7.00%

6.65

7.50%

6.99

8.00%

7.34

8.50%

7.69

9.00%

8.05

9.50%

8.41

10.00%

8.78

10.50%

9.15

11.00%

9.52

11.50%

9.90

For example: If your mortgage loan amount is $150,000, your interest rate is 7.0% you would multiply 150 by 6.65 resulting in a value of $997.50. Add your monthly insurance premium (approximately $25 - $75 per month) and your property tax (approximately your purchase price x 1.25% /12) to your principal and interest. This is your estimated monthly payment.