The home loan process can be an overwhelming one. While each step is crucial, understanding each stage of the process will allow you to obtain a mortgage with confidence.
1. Initial Meeting
An initial meeting will consist of a preliminary discussion of your financial overview and monthly mortgage expectations. You’ll want to make sure you have “The Big 5” on hand:
- Most recent paystubs from the last 30 days
- Last 2 years W2s
- Last 2 years tax returns with all pages/schedules
- All pages of most recent bank statements from last 2 months
- Photo ID
2. Initial Disclosures
We will provide you with disclosures, including the “Intent to Proceed”, so that we can order the appraisal. Additionally, we will give you a list of items needed in order to process your loan transaction.
Our in-house processing team will work with you to complete your loan package. They will:
- Open escrow and order title
- Order Verification of Deposits, employment, Form 4506, etc.
- Request any supporting documentation not yet received
When all supporting documentation has been received and processed, your loan application package is sent to our in-house underwriting team where a final review of your completed loan package is done to ensure program and property eligibility.
5. Document Prep
Once the final underwriting approval is received, the loan package is sent to our closing department to prepare the Closing Disclosure, and you will be given three days to review it. Next, document preparation will take place, and these documents will be sent to the title company you have selected.
Once received, the title company will prepare final figures and call you to set up an appointment to sign your final loan documents.
Now that you have signed your final loan documents, our funding department will communicate with the title company to release funds for your loan. The title company will then record the final lien.
Now that you have a handle on what to expect, are you ready to begin your journey? Find a Loan Officer in your area to get started. We’ll be there with you every step of the way.
At Peoples Mortgage, it’s all about the people.