Financing Process

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Application Process-

Mortgage Brokers and Lenders:
The mortgage broker is your main contact throughout your loan. They typically work with a number of lenders, who actually provide the funds for the loan, and subsequently can offer you a wide variety of loan options. The lender ordinarily pays a fee to the mortgage broker for acting as the intermediary and rendering all customer service.

Filling out the Application:
There are several standard forms to be completed when applying for a loan, and many mortgage brokers post them on their website for clients to easily fill out and submit online. Submitted information is verified and then used to determine your qualification for loans—so take the time to answer accurately! Click below to Apply Online.

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

Either 2 years of W-2 forms from your employer or 2 years of tax returns if you are self-employed
Recent pay stubs
3 months 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 / miscellaneous loans
Drivers’ license or form of ID
If you’re not a US citizen, then 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

Constant Communication:
Mortgage lenders have analysts or “underwriters”, review the specifics of your application and verify your documentation’s accuracy 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 the underwriting process, and questions invariably arise, so be prepared for it and don’t take it personally. Your mortgage broker’s will keep you apprised of any issues that arise, and you should return their calls promptly to keep the process moving forward smoothly.