Overview of the Loan Process
You will need the following documents:
- 2 years W-2 and 1 month paystubs (If you are salaried)
- 2 years tax returns and a YTD profit and loss statement (if you are self employed)
- 3 months bank statements for each bank, stock and mutual fund account
- Recent copies of any stock brokerage or IRA/401K accounts
- For cash-out refinance, a letter explaining your intent for the money
- A copy of divorce decree, where applicable
- Most offers in our market here in Katy require a pre-approval letter from a lender so get it now to have on hand. It gives you the negotiating power you may need and gives the seller knowledge that you are qualified to purchase their home.
- Know how much house you can afford so that you do not waste precious time looking at properties that are not within your range.
RECEIVE LOAN APPROVAL
Once you have completely filled out your loan application, the lender will begin the loan approval process, which includes researching the following:
- Your credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts
- Property Value
- To expedite the loan process, remember to be prompt with responding to requests for additional documents, do not make any major purchases such as a car, furniture or another house until your loan is closed. And do not move money into your bank accounts unless it can be traced. If you receive money from family or a friend, please inform your loan consultant.
CLOSING YOUR LOAN
At closing, bring a cashier’s check for your down payment and closing costs OR ask your title company for their wiring instructions to have the money wired there before closing. Review your final loan documents, making sure that your interest rate and loan terms are what you agreed to. Also confirm the name and address that appear on the loan documents. Sign all the loan documents and then move in and enjoy your new home!!
Our preferred lenders:
Branch Manager #653543
2830 Commercial Center Blvd.
Katy, TX 77494
O: 281-769-0457 EXT: 53801
LO NMLS #653543 | State Lic #653543 | Corp Lic # | Corp NMLS #3113