To begin processing your application the loan specialist will need to obtain certain information and documents from you.  Among the most common are:

• proof of income (recent pay stubs, W2 statements, tax returns etc.)
• verification of down payment when purchasing a home (usually in the form of bank or financial statements
• sales contract (when purchasing a home)
• current mortgage information (for refinancing existing mortgages)
• Homeowners insurance information (either current for refinances or proposed for purchases)
• signed application and disclosure forms (see below)

 Terms and concepts you should know

“Disclosures" are documents we must mail to you after we receive your preliminary application. You have to sign and return them to us.

"Good Faith Estimate of settlement costs" is the legal format in which we have to disclose all the fees and charges associated with getting your loan. In the case of third party fees like title insurance and homeowner's insurance, these are purely estimates.

"Truth in Lending Disclosure" is the legal format in which we must describe your loan in detail including the rate, Annual Percentage Rate and any Adjustable Rate features that may apply.

A "Property Appraisal" is a report written by an appraiser who visits the property to measure it, draw a simple floor plan and take photos. The appraiser also compares the property to other properties in the area that have sold in the last 6 months. This is to determine what the "fair market value" is, that is, what others have paid for similar properties.

"Title Report (or Search)" tells us who owns the property and what liens there are against it that must be paid prior to funding your loan.

"Verifications (Verifs)" are sent to your bank, your employer and to your landlord if you're renting to verify what you put on the application.

Within the first week after you apply for a mortgage two other events will likely occur. First, an appraiser hired by us should have made an appointment with you or your Real Estate Agent to perform a physical inspection of the property. Second, we may engage the services of a licensed title agent to perform the settlement and escrow process. If you have any difficulty with either of these two items please call your Loan Officer for advice and assistance, that’s why we’re here.