Process

The Stages of the Mortgage Process:

Pre-Approval:
Before searching for a Home you should get pre-approved for a Mortgage to determine how much you could afford. During this meeting it is not required but it is best to be prepared with pay-stubs, W-2's, and Bank Statements. Having your loan officer review these documents at the very beginning of the process can help to avoid unexpected problems in the future.

The Application (aka 1003):
Once you have made an offer to purchase a home and your offer has been Accepted, you should give your loan officer a call and let them know. Depending on how much documentation you gave your loan officer during the pre-approval process he/she could begin preparing your Application. If you want to get your Application Approved quickly you should get these documents to your loan officer as quickly as possible:
1) Signed Application and various disclosures
2) 2 Years of W-2's (Depending on the loan type you may need tax returns)
3) 2 Months of Bank Statements
4) 1 Month Pay Stubs
5) Fully executed Contract for your home purchase

After your Application is submitted to an Underwriter at a Bank, your Appraisal will be ordered. During the underwriting process you will most probably be asked to provide additional information so be prepared to respond to the requests quickly so that your loan will be Approved in timely manner.

Quick Tips:
1) Try not to have any large cash deposits showing on the Bank Statements you will be providing to the Bank. If there are deposits be prepared to have documentation to support the source.

2) Do not make any large purchases on credit prior to, or during the Application process. It is often tempting to go out buy furniture on credit to furnish your new home, but please (please, please) consult with your loan officer before doing so. The reason for this is when you take out new credit, your Credit Score will initially drop, and then slowly come back up when you start paying it off.