The Mortgage Process
1. Organize documents and submit
a. Gather documents for purchase
i. Copies of two forms of ID (i.e. Social Security card, driver’s license, passport)
1. Non-us citizen: provide copy of green card, front and back
2. If not permanent resident, provide copy of H1 or L1 visa
ii. Copy of fully executed contract( Sign by all parties
iii. Copy of recent two months of bank statements of saving, checking, CD, stocks, mutual funds, IRA/401K account, and any other account that show up on tax returns
iv. Salary borrower: provide copy of W2s and tax returns with all schedules (all pages) for previous two years and one month of consecutive pay stubs( 2paystubbs for bi-weekly and 4 paystubs for weekly)
v. Self employed: provide copy of two years of business and personal tax returns, and including all schedules and YTD profit and loss statement for all businesses and W-2s.
vi. If you own or rent property, provide a copy of recent rental/lease agreement and tax returns for the previous two years including all schedules
vii. If applicable, provide a copy of discharge filing and schedules of creditors for all borrower who has filed for bankruptcy
viii. If applicable, provide copy of divorce decree and settlement agreement
ix. If applicable, provide a copy of any child support agreement
b. gather documents for refinance
i. Copies of two forms of ID (i.e. Social Security card, driver’s license, passport)
1. Non-us citizen: provide copy of green card, front and back
2. If not permanent resident, provide copy of H1 or L1 visa
ii. Copy of recent two months of bank statements of saving, checking, CD, stocks, mutual funds, IRA/401K account, and any other account that show up on tax returns
iii. Salary borrower: provide copy of W2s and tax returns (all pages) for previous two years and one month of consecutive pay stubs
Self employed: provide copy of two years of business and personal tax returns including all schedules and YTD profit and loss statement and W-2s.
iv. If you own or rent property, provide a copy of recent rental/lease agreement and tax returns for the previous two years including all schedules
v. Copy of all mortgage notes ( see Sample) http://www.judicialtitle.com/pdf/NewJerseyMortgage.pdf
vi. Copy of current homeowner’s insurance
vii. If applicable, provide a copy of discharge filing and schedules of creditors for all borrower who has filed for bankruptcy
viii. Provide a copy of your current mortgage statement as well as home equity line of credit or if applicable, copy of second loan statement
ix. Provide a letter explaining how you will use refinance proceeds for all cash out refinance
x. If applicable, provide copy of divorce decree and settlement agreement
xi. If applicable, provide a copy of any child support agreement
2. Get Approved
a. Upon receiving your documents, we start the loan approval process immediately. This involves verifying your:
i. employment history
ii. bank statements, stocks, mutual fund, retirement account, and any other types of assets
iii. property appraisal
iv. credit history
b. Your loan processor will organize the paper work and prepare your application before the final review. The underwriter will review all provided documents to make sure it fits the guidelines required for your loan program. In some cases they may need more information to make their approval decisions. We will contact you and help you with the additional document requirements. Once your loan is approved and after all conditions are satisfied, a closing date can be set. Prior to the closing, the HUD-1, your final settlement statement, is provided to you, for your review, by your attorney.
3. Close your Loan
a. After your loan is approved and cleared to close, you will review the closing documents with the details and terms of your loan. This will normally take place in the presence of an attorney or notary public. Bring a cashier’s check for your down payment and closing cost. The notary will require that you have your picture ID with you at the time of the closing after you have signed the loan documents.
b. Ask your loan specialist for e-signing for loan financing.
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