Application Checklist
We will advise you on the program that best fits your needs. You will need to provide the following:
- W-2 or Tax Returns (if self-employed) for two years
- Most recent pay-stub
- All pages of most recent bank statements
- Investment / Asset Account statements
- Drivers License
Additional Documentation That May Also Be Required:
- Purchase Agreement (if purchasing)
- Award letter (if retired)
- 1st Mortgage Statement (if applicable)
- 2nd Mortgage Statement (if applicable)
- Homeowner’s Insurance Declaration page
- Rental Agreement (if rental properties are owned)
- Mortgage statements (on other properties, if any)
- Bankruptcy Papers (if applicable)
- Child Support / Alimony (if applicable)
- Business License or Letter from CPA (if self-employed)
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The Process
From the start of the application to the closing, we’re right there with you. The details below represent a typical mortgage.
Application
Once the application is submitted, you must sign various forms that authorize us to process your loan and deliver your documentation (Bank statements, pay stubs, W2s, etc.…please see below for full documentation requirements). If you fax, email, or drop off the documents, the process takes only an hour or so. Once the information is received, we order the appraisal from a Vermont-licensed appraiser and order the title policy from an attorney.
Processing
When all of your documentation is received, it goes to a processor who verifies and validates all the information to be true and correct. Verification requests may be sent to your employers, mortgage holder/landlord, and lending institutions. This is done by fax when possible.
When all the information is collected, the processor then verifies that basic lender loan requirements have been met. If so, the file is packaged in a manner the lender specifies. The completed package is then sent to the underwriting department of the lender. If your loan qualifies for automated mortgage underwriting, the documentation requirements are often cut in half.
Underwriting
The underwriter reviews your loan package to make sure it conforms to all the guidelines required for that loan program. They also review the appraisal and title report and may do additional validation of employment, mortgage payments, credit, and anything else that may be necessary to document your loan. They make the ultimate decision for the approval of your loan. The time this takes is driven by the volume in the market. If the market is flooded, decisions may take up to two weeks, but under normal conditions it takes just two to three days.
Conditions To Close
When the underwriter is done reviewing your loan, we’ll contact you to inform you of the “conditions to close,” meaning any outstanding documentation needed for full approval. When these needs have been satisfied, you’ll receive final approval and a “clear to close.”
Clear To Close
When you are “cleared to close,” we’ll coordinate all the parties involved, scheduling a time and location to sign the final documents to close the loan.
Draw Documents/Closing
When everything is scheduled, the lender then draws the document package and sends it to the closing attorney, usually sent via email. Lastly, you meet, sign the papers, and pick up the keys!
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