YOUR APPLICATION

Whether you’re pur­chas­ing or refi­nanc­ing, we’re cer­tain you’ll find our ser­vice amazing!

If you’ll be pur­chas­ing but haven’t found the per­fect home yet, com­plete our appli­ca­tion and we’ll issue an approval for a mort­gage loan now with no obligation!

Yes, apply­ing for a mort­gage loan before you find a home may be the best thing you could do! If you apply for your mort­gage now, we’ll issue an approval sub­ject to you find­ing the per­fect home. We’ll issue a pre-approval let­ter online instant­ly. You can use the pre-approval let­ter to assure real estate bro­kers and sell­ers that you are a qual­i­fied buy­er. Hav­ing a pre-approval for a mort­gage may give more weight to any offer to pur­chase that you make.

When you find the per­fect home, you’ll sim­ply call your Loan Offi­cer to com­plete your appli­ca­tion. You’ll have an oppor­tu­ni­ty to lock in our great rates and fees then and we’ll com­plete the pro­cess­ing of your request.

Yes, you can bor­row funds to use as your down pay­ment! How­ev­er, any loans that you take out must be secured by an asset that you own. If you own some­thing of val­ue that you could bor­row funds against such as a car or anoth­er home, it’s a per­fect­ly accept­able source of funds. If you are plan­ning on obtain­ing a loan, make sure to include the details of this loan in the Expens­es sec­tion of the application.

Infor­ma­tion about child sup­port, alimo­ny, or sep­a­rate main­te­nance income does not need to be pro­vid­ed unless you wish to have it con­sid­ered for repay­ing this mort­gage loan.

We take full advan­tage of an auto­mat­ed under­writ­ing sys­tem that allows us to request as lit­tle infor­ma­tion as pos­si­ble to ver­i­fy the data you pro­vid­ed dur­ing your loan appli­ca­tion. Gone are the days when it was nec­es­sary to ver­i­fy every piece of data col­lect­ed dur­ing the appli­ca­tion. The auto­mat­ed under­writ­ing sys­tem com­pares your finan­cial sit­u­a­tion with sta­tis­ti­cal data from mil­lions of oth­er home­own­ers and uses that com­par­i­son to deter­mine the lev­el of ver­i­fi­ca­tion need­ed. In many cas­es, a sin­gle W‑2 or pay stub can be used to ver­i­fy your income or a sin­gle bank state­ment can be used to ver­i­fy the assets need­ed to close your loan.

If you’ve had a bank­rupt­cy or fore­clo­sure in the past, it may affect your abil­i­ty to get a new mort­gage. Unless the bank­rupt­cy or fore­clo­sure was caused by sit­u­a­tions beyond your con­trol, we will gen­er­al­ly require that two to four years have passed since the bank­rupt­cy or fore­clo­sure. It is also impor­tant that you’ve re-estab­lished an accept­able cred­it his­to­ry with new loans or cred­it cards.

If you own rental prop­er­ties, we’ll gen­er­al­ly ask for the most recent year’s fed­er­al tax return to ver­i­fy your rental income. We’ll review the Sched­ule E of the tax return to ver­i­fy your rental income, after all expens­es except depre­ci­a­tion. Since depre­ci­a­tion is only a paper loss, it won’t be count­ed against your rental income.

If you haven’t owned the rental prop­er­ty for a com­plete tax year, we’ll ask for a copy of any leas­es you’ve exe­cut­ed and we’ll esti­mate the expens­es of ownership.

Con­grat­u­la­tions on your new job! If you will be work­ing for the same employ­er, com­plete the appli­ca­tion as such but enter the income you antic­i­pate you’ll be receiv­ing at your new location.

If your employ­ment is with a new employ­er, com­plete the appli­ca­tion as if this were your cur­rent employ­er and indi­cate that you have been there for one month. The infor­ma­tion about the employ­ment you’ll be leav­ing should be entered as a pre­vi­ous employ­er. We’ll sort out the details after you sub­mit your loan for approval.

We will ask for copies of your recent pen­sion check stubs, or bank state­ment if your pen­sion or retire­ment income is deposit­ed direct­ly in your bank account. Some­times it will also be nec­es­sary to ver­i­fy that this income will con­tin­ue for at least three years since some pen­sion or retire­ment plans do not pro­vide income for life. This can usu­al­ly be ver­i­fied with a copy of your award let­ter. If you don’t have an award let­ter, we can con­tact the source of this income direct­ly for verification.

If you’re receiv­ing tax-free income, such as social secu­ri­ty earn­ings in some cas­es, we’ll con­sid­er the fact that tax­es will not be deduct­ed from this income when review­ing your request.

If you’re sell­ing your cur­rent home to pur­chase your new home, we’ll ask you to pro­vide a copy of the set­tle­ment or clos­ing state­ment you’ll receive at the clos­ing to ver­i­fy that your cur­rent mort­gage has been paid in full and that you’ll have suf­fi­cient funds for our clos­ing. Often the clos­ing of your cur­rent home is sched­uled for the same day as the clos­ing of your new home. If that’s the case, we’ll just ask you to bring your set­tle­ment state­ment with you to your new mort­gage closing.

Gen­er­al­ly, two years per­son­al tax returns are required to ver­i­fy the amount of your div­i­dend and/or inter­est income so that an aver­age of the amounts you receive can be cal­cu­lat­ed. In addi­tion, we will need to ver­i­fy your own­er­ship of the assets that gen­er­ate the income using copies of state­ments from your finan­cial insti­tu­tion, bro­ker­age state­ments, stock cer­tifi­cates or Promis­so­ry Notes.

Typ­i­cal­ly, income from div­i­dends and/or inter­est must be expect­ed to con­tin­ue for at least three years to be con­sid­ered for repayment.

Any stu­dent loan that will go into repay­ment with­in the next six months should be includ­ed in the appli­ca­tion. If you are not sure exact­ly what the month­ly pay­ment will be at this time, enter an esti­mat­ed amount.

If oth­er stu­dent loans are reflect­ed on your final cred­it report, which will not go into repay­ment in the next six months, we may need to ask you for ver­i­fi­ca­tion that repay­ment will not be required dur­ing this time period.

If you were in school before your cur­rent job, enter the name of the school you attend­ed and the length of time you were in school in the “length of employ­ment” fields. You can enter a posi­tion of “stu­dent” and income of “0.”

Gifts are an accept­able source of down pay­ment, if the gift giv­er is relat­ed to you or your co-bor­row­er. We’ll ask you for the name, address, and phone num­ber of the gift giv­er, as well as the donor’s rela­tion­ship to you.

If your loan request is for more than 80% of the pur­chase price, we’ll need to ver­i­fy that you have at least 5% of the prop­er­ty’s val­ue in your own assets.

Pri­or to clos­ing, we’ll ver­i­fy that the gift funds have been trans­ferred to you by obtain­ing a copy of your bank receipt or deposit slip to ver­i­fy that you have deposit­ed the gift funds into your account.

Gen­er­al­ly, the income of self-employed bor­row­ers is ver­i­fied by obtain­ing copies of per­son­al (and busi­ness, if applic­a­ble) fed­er­al tax returns for the most recent two-year peri­od. How­ev­er, based on your entire finan­cial sit­u­a­tion, we may not need full copies of your tax returns.

We’ll review and aver­age the net income from self-employ­ment that’s report­ed on your tax returns to deter­mine the income that can be used to qual­i­fy. We won’t be able to con­sid­er any income that has­n’t been report­ed as such on your tax returns. Typ­i­cal­ly, we’ll need at least one, and some­times a full two-year his­to­ry of self-employ­ment to ver­i­fy that your self-employ­ment income is stable.

Gen­er­al­ly, a co-signed debt is con­sid­ered when deter­min­ing your qual­i­fi­ca­tions for a mort­gage. If the co-signed debt does­n’t affect your abil­i­ty to obtain a new mort­gage we’ll leave it at that. How­ev­er, if it does make a dif­fer­ence, we can ignore the month­ly pay­ment of the co-signed debt if you can pro­vide ver­i­fi­ca­tion that the oth­er per­son respon­si­ble for the debt has made the required pay­ments, by obtain­ing copies of their can­celled checks for the last six months.

Hav­ing changed employ­ers fre­quent­ly is typ­i­cal­ly not a hin­drance to obtain­ing a new mort­gage loan. This is par­tic­u­lar­ly true if you made employ­ment changes with­out hav­ing peri­ods of time in between with­out employ­ment. We’ll also look at your income advance­ments as you have changed employment.

If you’re paid on a com­mis­sion basis, a recent job change may be an issue since we’ll have a dif­fi­cult time of pre­dict­ing your earn­ings with­out a his­to­ry with your new employer.

Gen­er­al­ly, only income that is report­ed on your tax return can be con­sid­ered when apply­ing for a mort­gage. Unless, of course, the income is legal­ly tax-free and isn’t required to be reported.

Some lenders may offer a stat­ed income pro­gram, which means that you can be qual­i­fied for a loan based on the income you state rather than that which can be ver­i­fied. Usu­al­ly these pro­grams require larg­er down pay­ments and offer inter­est rates that are sub­stan­tial­ly high­er than reg­u­lar mort­gage rates. We do not offer stat­ed income pro­grams at this time.

Unfor­tu­nate­ly, if you are pur­chas­ing a home, we’ll have to use the low­er of the appraised val­ue or the sales price to deter­mine your down pay­ment requirement. 

It’s still a great ben­e­fit for your finan­cial sit­u­a­tion if you are able to pur­chase a home for less than the appraised val­ue, but our investors don’t allow us to use this “instant equi­ty” when mak­ing our loan decision.

First, you’ll com­plete our online application!

The appli­ca­tion will ask you ques­tions about the home and your finances and takes less than 20 min­utes to com­plete. As soon as you’ve fin­ished the appli­ca­tion we’ll review your request for instant approval. If your appli­ca­tion is approved online, we’ll ask you for a deposit to cov­er the cost of the appraisal on your home so that we can begin to process your request imme­di­ate­ly. This deposit will be cred­it­ed towards your clos­ing fees at closing.
After com­plet­ing your appli­ca­tion, a Loan Offi­cer will con­tact you to intro­duce him­self or her­self and to answer any ques­tions you may have. Your Loan Offi­cer is a mort­gage expert and will pro­vide help and guid­ance along the way. If your request was­n’t approved online, he or she will ask you for any infor­ma­tion required to make a deci­sion about your loan.
If you are pur­chas­ing a new home, the Loan Offi­cer will also con­tact the Real Estate Bro­ker or the sell­er so that they’ll know whom to con­tact with questions.

We’ll send you an appli­ca­tion pack­age and pre­pare your loan for closing.

The appli­ca­tion pack­age will be sent to you and will con­tain papers for you to sign and a list of items we’ll need to ver­i­fy the infor­ma­tion you pro­vid­ed about your finances dur­ing the online application.

We’ll order the appraisal from a licensed apprais­er who is famil­iar with home val­ues in your area. Depend­ing on your finances and the loan amount request­ed, dif­fer­ent types of appraisals are used. Some­times the apprais­er will need to view the home. Some­times they are able to do their eval­u­a­tion from the street.

Title insur­ance will be nec­es­sary. If you’re pur­chas­ing a home, we’ll work with the real estate bro­ker or sell­er to ensure the title work is ordered as soon as pos­si­ble. If you are refi­nanc­ing we’ll take care of order­ing the title work for you. We’ll use the title insur­ance to con­firm the legal sta­tus of your prop­er­ty and to pre­pare the clos­ing documents.
We’ll con­tact you to coor­di­nate your clos­ing date.

After we received the appli­ca­tion pack­age back from you and the appraisal and title work, we’ll con­tact you to sched­ule your loan clos­ing. If you are pur­chas­ing a home, we’ll also sched­ule the clos­ing with the real estate bro­ker and the seller.

The clos­ing will take place at the office of a title com­pa­ny or attor­ney in your area who will act as our agent. A few days before clos­ing, your Loan Offi­cer will con­tact you to walk through the final infor­ma­tion so that there won’t be any sur­pris­es at closing.

That’s all there is to it! You’re on your way to the most con­ve­nient home loan ever!

A cred­it score is one of the pieces of infor­ma­tion that we’ll use to eval­u­ate your appli­ca­tion. Finan­cial insti­tu­tions have been using cred­it scores to eval­u­ate cred­it card and auto appli­ca­tions for many years, but only recent­ly have mort­gage lenders begun to use cred­it scor­ing to assist with their loan decisions.

Cred­it scores are based on infor­ma­tion col­lect­ed by cred­it bureaus and infor­ma­tion report­ed each month by your cred­i­tors about the bal­ances you owe and the tim­ing of your pay­ments. A cred­it score is a com­pi­la­tion of all this infor­ma­tion con­vert­ed into a num­ber that helps a lender to deter­mine the like­li­hood that you will repay the loan on sched­ule. The cred­it score is cal­cu­lat­ed by the cred­it bureau, not by the lender. Cred­it scores are cal­cu­lat­ed by com­par­ing your cred­it his­to­ry with mil­lions of oth­er con­sumers. They have proven to be a very effec­tive way of deter­min­ing cred­it worthiness.

Some of the things that affect your cred­it score include your pay­ment his­to­ry, your out­stand­ing oblig­a­tions, the length of time you have had out­stand­ing cred­it, the types of cred­it you use, and the num­ber of inquiries that have been made about your cred­it his­to­ry in the recent past.

Cred­it scores used for mort­gage loan deci­sions range from approx­i­mate­ly 300 to 900. Gen­er­al­ly, the high­er your cred­it score, the low­er the risk that your pay­ments won’t be paid as agreed.

Using cred­it scores to eval­u­ate your cred­it his­to­ry allows us to quick­ly and objec­tive­ly eval­u­ate your cred­it his­to­ry when review­ing your loan appli­ca­tion. How­ev­er, there are many oth­er fac­tors when mak­ing a loan deci­sion and we nev­er eval­u­ate an appli­ca­tion with­out look­ing at the total finan­cial pic­ture of a customer.

An install­ment debt is a loan that you make pay­ments on, such as an auto loan, a stu­dent loan or a debt con­sol­i­da­tion loan. Do not include pay­ments on oth­er liv­ing expens­es, such as insur­ance costs or med­ical bill pay­ments. We’ll include any install­ment debts that have more than 10 months remain­ing when deter­min­ing your qual­i­fi­ca­tions for this mortgage.

There is no charge to you for the cred­it infor­ma­tion we’ll access with your per­mis­sion to eval­u­ate your appli­ca­tion online. You will only be charged for a cred­it report if you decide to com­plete the appli­ca­tion process after your loan is approved.

In order for bonus, over­time, or com­mis­sion income to be con­sid­ered, you must have a his­to­ry of receiv­ing it and it must be like­ly to con­tin­ue. We’ll usu­al­ly need to obtain copies of W‑2 state­ments for the pre­vi­ous two years and a recent pay stub to ver­i­fy this type of income. If a major part of your income is com­mis­sion earn­ings, we may need to obtain copies of recent tax returns to ver­i­fy the amount of busi­ness-relat­ed expens­es, if any. We’ll aver­age the amounts you have received over the past two years to cal­cu­late the amount that can be con­sid­ered as a reg­u­lar part of your income.

If you haven’t been receiv­ing bonus, over­time, or com­mis­sion income for at least one year, it prob­a­bly can’t be giv­en full val­ue when your loan is reviewed for approval.

Typ­i­cal­ly, income from a sec­ond job will be con­sid­ered if a one-year his­to­ry of sec­ondary employ­ment can be verified.

An abun­dance of cred­it inquiries can some­times affect your cred­it score since it may indi­cate that your use of cred­it is increasing. 

But don’t wor­ry! The data used to cal­cu­late your cred­it score does­n’t include any mort­gage or auto loan cred­it inquiries that are made with­in the 30 days pri­or to the score being cal­cu­lat­ed. In addi­tion, all mort­gage inquiries made in any 14-day peri­od are always con­sid­ered one inquiry. Don’t restrict your mort­gage search due to con­cerns about its impact on your cred­it score.