Load Appication
This is perhaps the most important part of the mortgage process. During this process your load officer will ask for information pertaining to your income, assets and liabilities. Once this information has been collected your load officer will recommend a loan program that best fits your financial needs. Prior to loan application you will need to determine the amount of down payment you will be making towards your new home and collect the following documents that should be brought with you when you make loan application:

• Most recent paycheck stubs for each borrower covering the most recent thirty-day period.
• Most recent two years W-2's and/or 1099's for each borrower.
• Two months of the most current and consecutive banks/investment/ retirement statements for all your accounts.
• If self-employed you will need to bring in the most recent two years' tax returns and copies of 1040's, W-2's, 1099's and or K-1 for each borrower. You will also need a year-to-date profit and loss statement.

Credit report
A credit report will be obtained as part of the loan application process. The credit report will show your payment history, credit limits, monthly payments and current balances.


Verification
Mortgage company will verify the information disclosed on your initial loan application (i.e. income, assets and liabilities).


Appraisal
Mortgage company will order a property appraisal from a licensed real estate appraiser on the property in which you are purchasing. The appraisal is done to determine the value on the property being purchased and your loan amount.

Underwriting
Once the information shown on your loan application has been verified, a mortgage company underwriter will review the information on your loan application and the information collected on your behalf.

An underwriter looks at four major factors when considering an application. These are employment and income, assets, credit record and the value of the home. If the underwriter feels he or she cannot make a decision based on the information received, you may be asked to provide additional information and/or documentation.

Interest Rate
At some point in time between loan application and ten (10) days prior to closing, you will need to lock-in your interest rate. To do this, you must simply contact your loan officer. He/she will tell what the rate for your specific loan program is at that time. As far as rate lock periods are concerned, you may lock-in an interest rate for up to 60 days.

It is your responsibility to keep in contact with your loan officer regarding locking your interest rate. Keep in mind that interest rates can change at any time and without notice. Rates generally change a little bit each day, sometimes better-sometimes worse. Sometimes rates can change several times a day. If you know that the financial markets are going through a particularly volatile period, you may want to check with your loan officer periodically to make sure rates are at a comfortable level.

Closing
Title company and home builder will coordinate a firm closing date and time with you.

Schedule a final walk-through of your new home before closing to make sure it is ready for you and to ensure that any contingencies specified in the commitment letter about the home's condition have been satisfied.

Prior to the closing you must obtain homeowner's insurance with a carrier of your choice. Your loan officer will provide you with the amount you will need to bring to closing. Funds needed for closing must be in the form of a certified check or cashier's check.