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MORTGAGE
PROCESS
We
have broken the Loan Process into 4 easy to understand steps.
Give
us a call Today!
(888)
694-0455
Pre-approval:
Apply
Online, in person, or by phone (888)
694-0455.
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. |
What
is 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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