Mortgage Process
We have broken the Loan Process into 4 easy to understand steps.
Pre-approval:Apply Online, in person, or by phone.
We will Pre Approve you within 15 minutes. If needed, we will present
you with a letter of pre-approval that you can give to your real
estate agent or to the sellers.
Loan Processing:
A Title Commitment / Appraisal & Survey may be required.
Once we have received the necessary documentation (paystubs, bank
statements, rental history, etc....) from you, we will check to
ensure everything is in order for expedient final loan approval.
We have many reduced documentation loans.
Final Approval
The loan is then reviewed by an Underwriter for final Approval and
closing instructions are sent to the title company.
Close/Funding: This is where you will
meet at the Title company to sign final documents. After closing,
it takes 1-4 hours to fund purchases and 1-3 days for refinances.
Generally Required Documentation
Refinances require less / Better credit requires less
Bank Statements
Last three (3) months of consecutive statements (when cash reserves
are required) |
Sales Contract
Sales contract on purchase. |
| Pay Check Stubs
(last full month) |
IRA, 401K, Stocks, Bonds,
Etc.
Most recent statements showing balances for the last three (3)
months or two (2) quarters (when cash reserves are required)
|
Insurance Agent
Name, company, and telephone number |
Appraisal Application
Fee
$325(most homes) |
| W-2's and/or 1099's(last two years) |
Supplemental Information
[needed when applicable]
| Complete Tax Returns(last two years)
|
Cancelled Rent Checks(last 12 months) |
Final Judgement
Divorce and/or child support, fully executed.
|
Landlord
Name and phone number(s). |
Final Bankruptcy
Discharge List and copies of all included debt.
|
Leases
Current copies on each property. |
Whatis a mortgage?
A mortgage is a
loan secured by real property (permanently affixed to the ground
house). There are 3 main types of mortgages: Conventional, FHA,
& VA.
Conventional Loans
This type of mortgage is insured by private
corporations. If you conform to the private insurer's lending guidelines,
you will be eligible for the best market interest rates, and the
best mortgage rates in Virginia. You can also get a conventional
mortgage without insurance. There are many conventional programs
for W2 employees, self-employed, stated income and jumbo borrowers.
This is the most flexible type of mortgage.
FHA Loans
These are loans funded by the government's
Fair Housing Administration
department.
VA Loans
A mortgage that is insured by the Veteran's Administration. If you are a veteran
or properly related to one, you can apply for this type of mortgage.
These mortgages allow you to finance 100% of the purchase price
of a home with less income and/or less-than-perfect credit.
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