Understanding The Mortgage Process

• Name, Address, Phone # and residential address(es) for the past two years
• Landlord and/or mortgage company names, mailing addresses, phone numbers and your account numbers for your past two years
• Employer names, addresses and phone numbers for the past two years
• Bank names, addresses, phone numbers, all of your current account numbers and balances and the most recent 2 to 12 months of bank account statements (including stocks, IRAs, 401K, etc.)
• 2 or more of the most recent pay stubs for each borrower (covering most recent 4 week period)
• W2's for each borrower (covering the past two years)
• Copy of drivers license and social security card
• Award letter and proof of direct deposit (i.e. 2 most recent bank statements) or check stubs verifying social security, VA, disability or retirement income
• List of creditors to be paid with account numbers, balances, addresses and phone numbers with billing statements
• Copy of 1st mortgage note (this document is found in your 1st mortgage-closing package that you receive at your last 1st mortgage closing. It may say at the top – Deed Of Trust Note, Promissory Note or Note.)
• Copy of property casualty insurance w/agents name, address and phone number
• Bankruptcy discharge papers, if applicable
• Divorce/separation papers including proof of child support, if applicable
• Letter of explanation for excessive late payments listed on credit report, if applicable
• Rehabilitation improvement contact for work to be done, if applicable
• General warranty deed, if applicable
• Addresses and loan information of any other real estate owned, if applicable
• If self-employed or commercial entity:
  Past two years' federal tax returns with all schedules
  Year-to-date profit and loss statement
  Balance sheet
  Corporate and/or partnership tax returns
  12 months business bank statements

(Any additional information requested by the lender)

Upon receipt of your Application: We will verify all necessary financial information. Some of the items we will order and verify:

• Credit Reports
• Property Appraisal
• Employment Verification
• Reserve Funds on Deposit
• Outstanding Loans and other debts
• Pest Inspections

Loan Set Up: Our systems automatically process your loan set-up and order your title and appraisal work once pre-qualified.

Approval: You will be informed at application if you are pre-approved subject to appraisal and verification of application information. Your pre-qualification letter will then be issued and sent to you either via mail, e-mail or fax.

Loan Commitment: PLEASE READ YOUR COMMITMENT LETTER CAREFULLY! Your mortgage commitment letter will outline the terms and conditions of your loan and will list any conditions that are required from you in order to complete the loan process.

Clear to Close: When all of the conditions have been reviewed and approved, the closing date will be confirmed. You will be notified when your loan achieves this status.

Loan Closing: We will schedule a closing date and time with your closing attorney that is convenient for you. We will inform you of any additional documentation that may be required prior to your closing.

Please feel free to contact us today at (919) 522-2974 with any questions you may have or to apply for a loan.