Loan Process

Organize your documents?

If you are buying or refinancing a home

• If you are salaried: provide 2 years W-2's and one month of paystubs or if you are self-employed: provide two years tax returns with schedules, ytd profit, loss statement and balance sheet.
• If you own rental property, please provide rental agreements and two years tax returns with schedules.
• If you wish to speed up the approval process, please also provide a months bank statement for each bank, stock and mutual fund account, paystub, and tax returns.
• Provide a copy of divorce decree/separation agreement if applicable.
• If you are not an US citizen, provide us with a copy of your green card (front & back), or if you are not a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a house, you may get pre-qualified/pre-approved. You can typically get prequalified over the phone or on the internet in a few minutes. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

1. Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
2. Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
3. Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:

1. Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
2. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
3. Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure our which program is best for you. That's where an experience loan officer can help you make a decision that's best for you.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying you're:

1. credit history
2. employment history
3. assets including your bank account, stocks, mutual fund and retirement accounts
4. property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

• fill out the loan application completely
• respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
• do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
• do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.

Close the loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:

• bring a certified check for your down payment and/or closing costs if required.
• review the final loan documents. Make sure that the interest rate and loan terms are what your were promised. Also, verify that the name and address on the loan documents are accurate.
• sign the loan documents.

Your loan will normally close shortly after you have signed the loan documents. On refinance federal law requirers that you have 3 days to review the documents before your loan transaction can close.