Loan Process

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An Overview of the Loan Process

Organize Your Documents

A properly documented loan application makes your loan process go smoothly. This checklist will help you gather your paperwork.

Complete and sign the residential loan application, Form 1003, and borrower's authorization form. Page 4 of the application is a continuation page in case you need additional space for your assets or liabilities.
If you are salaried you will be asked to provide W-2's for the previous year and one month of paystubs. If you are self-employed, please provide tax returns for the previous year. (Note: provide copies of all requested documents. Do not provide original documents.)
If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.
If you have a recent appraisal of the property within the last 9 months, please provide us with a copy, or if it is in email format, you can email to us at Don@accmtg.com.
If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors.
If you are applying for a refinance loan or 2nd mortgage, you must provide your most recent mortgae lender statement to include account #, 1-800 number, loan balance, etc.

Shop Loan Programs and Rates

What loan program is best for your situation? Lenders offer many different loan options:

Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed rate loan.
Compare different loan programs. With so many programs to choose from, it's hard to figure out which program is best for you. Consult an experienced loan officer who can help you find a loan program that best fits your short- and long-term plans.

Obtain Loan Approval

Once your loan application has been received, we will start the loan approval process immediately. This involves verifying your:

Credit history
Employment history
Property value
Based on your specific situation, additional documents or verifications may be required.

To improve your chances of getting a loan approval:

Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if you plan to close by a certain date.
Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed.
Anything that causes your debts to increase might have an adverse affect on your current application.
Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.
Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public, or at a title company. Be prepared to:

Bring a cashiers check for your down payment or closing costs if required. Personal checks are normally NOT accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents.
Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also require to see your Social Security card.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three day rescission period.