A Process You Can Understand: Four Easy Steps
We have tried to make the loan process as simple to understand as possible
by breaking it into four easy steps:
Step 1: Discuss Your Financing Needs with Us
Step 2: Organize Your Documentation
Step 3: Obtain Loan Approval
Step 4: Sign Your Loan Documents
1. Discuss Your Financing Needs with Us
Of course, the first step to getting your loan is to contact one of our
mortgage consultants for a free consultation. Please call 949.784.8801 to have
one of our mortgage consultants walk you through each part of the application
process. There is no risk and no obligation.
During the consultation we will help you figure out the amount that you
are qualified to borrow, and, if necessary, determine any options available
to you to increase your borrowing power. Our loan consultants will work with
you to determine what type of loan is best-suited for your financial and
personal situation.
2. Organize Your Documentation
When making a first-time purchase, or refinancing a home loan, you need
to provide documentation for the application to be approved. This includes:
- Proof of income. If you're salaried, this means W-2s and the last month's
pay stubs. If you're self-employed: this means tax returns for the past
2 years and a YTD profit and loss statement.
- If you own rental property, you may also provide rental agreements.
- If you wish to speed up the approval process, consider providing statements
from your bank, stocks and mutual funds, and IRA/401K accounts.
- If you're requesting a cash-out refinance, provide a letter explaining
what you plan to do with the proceeds.
- A copy of your divorce decree, if applicable.
- If you are NOT a US citizen, provide us with a copy of your Resident
Alien or Immigration & Naturalization Card (front & back), or
if you are NOT a permanent resident provide us with your H-1 or L-1 visa.
- If you're applying for a second mortgage, you'll also need to provide
a copy of the note on your first mortgage. This is normally found in
your closing loan documents.
For a copy of our simple to use Document Checklist, click here.
3. Obtain Loan Approval
The loan approval process begins immediately upon receipt of your loan application.
Based on your specific situation, additional documents or verifications may
be required. To improve your chances of getting loan approval, be prepared
to:
1. Fill out the loan application completely. <link>
2. Respond promptly to any requests for additional documents.
3. Avoid moving money into your bank accounts unless it can be
traced. If you are receiving money from friends, family or other relatives,
please contact us.
4. Do not make any major purchases. Do not buy a car, furniture
or another house till your loan is closed.
5. Continue to make all regular re-occurring monthly payments
on time.
4. Sign Your Loan Documents
After your loan is approved, you're required to sign the final loan documents.
This normally takes place at the escrow company.
At closing, you'll review the final loan documents, ensuring the interest
rate, loan terms and name and address on the loan documents are accurate.
Your loan will fund shortly after you sign the loan documents. On primary
residence refinances and home equity loans, federal law requires a three-day
waiting period between when you sign your documents and when your loan transaction
can actually be funded.
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