our pro tips
To keep the process flowing smoothly, gather your checklist items and provide them to your loan originator as early as you can
PERSONAL IDENTIFICATION
- Driver’s License
- Social Security Card
- Divorce Decree (if applicable)
- Proof of veteran status (for VA loans)
ASSETS
- Statements for checking and savings account for the last three months
- Statements for retirement funds and other investments for the last three months
- Titles for automobiles and other properties
- If part of the down payment comes from gift, a gift letter stating that the funds do not need to be repaid may need to be provided
EMPLOYMENT / INCOME VERIFICATION
- Federal income tax returns for the previous 2 years
- W-2 Forms for the previous 2 years
- Pay stubs for the previous 30 days
- Proof of additional income, such as social security benefits, child support, or alimony (if applicable)
- Previous 2 years and year-to-date profit and loss statements (if self-employed)
- Balance sheet for the most recent quarter (if self-employed)
CONTACT US IF YOU HAVE ANY QUESTIONS
START YOUR APPLICATION
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Pre-Qualification & Application
You may have already started browsing on line listings to get an idea of neighborhoods and housing styles, but your home buying process should actually start with meeting your lender. In your initial meeting, your Range Mortgage Loan Originator will help you complete a mortgage application and obtain authorization to run your credit report. Your originator will use this information to determine your eligibility and assess how much home you can afford so you can continue house hunting with a budget in mind. They will als discuss various loan programs and interest rates, in order for you to make an informed decision about what fits your financial situation best. During this phase, you may be asked to provide some basic financial information, such as:
- Your Monthly Income
- 2 years of employment history
- 2 years of residence history
Processing
At this point, you’ve chosen a property and signed a contract to purchase. Congratulations! Now the process of obtaining your loan is underway.
You’ll receive your initial disclosures and your Loan Estimate, which gives you a breakdown of the approximate costs associated with the loan. It’s a good idea to save a copy of this to compare with your final closing documents later on. To keep the process moving smoothly, you’ll consent to receiving and signing your documents electronically. Range Mortgage even offers user friendly upload links that make it easy to share documents with your originator. During this phase, your loan file is given to a processor, who is responsible for prepping and organizing the file before it’s submitted to underwriting. Your processor will double check any paperwork you provide and let you know if any additional information is needed. They will also order an appraisal of your new home to confirm the property value and work with the title company to verify the history of the property. While the details of your application are being verified there are some common roadblocks you’ll want to avoid such as:
- Change in monthly income
- Changing or quitting your job
- Changing your marital status
- Making large purchases
Underwriting
When the processor is finished compiling and verifying your documentation, your loan file is submitted to underwriting for review. The underwriter is the person who ensures that all of your documentation is in order, that your loan meets investor requirements, and that it follows all state and federal regulations. If your loan is approved, the underwriter will provide you with a copy of your conditional approval. This is a statement that says you can close on your loan as long as the list of conditions is
met. Your originator will explain the conditions to you, and you may need to provide some additional documents to complete this process. These conditions may include the need for updated pay stubs, bank statements, or written explanations for clarification. Once the conditions are gathered and reviewed by the processor, your file will be send back to the underwriter for final review. I fall of the conditions are met, you’ll be issued a “clear to close” and final loan approval.
Closing
You can start by picking out paint colors and recruiting your friends with trucks to help you move, because you’ll be in your new home in no time! Range Mortgage’s closing department will coordinate with the title company to prepare your documents for closing. You’ll receive a Closing Disclosure (CD), which gives you a break down of how much money you’ll need to bring to the closing table, as well as the terms of the loan and other details of the transaction. It should resemble the Loan Estimate you received at the beginning of the process. Once you review and sign your CD, you have some extra time to practice your autograph, because you must wait 3 business days before the closing can occur. On the day of closing, don’t forget the essentials! Make sure you have the amount due at closing in certified funds and your photo ID. The closing documents will be signed by you and the seller, and in some cases, you’ll get the keys to your home.
Congratulations, you are now a proud homeowner!
At Range Mortgage, we are committed to ensuring that you close on time, and we promise to provide honest, reliable communication every step of the way.