Application and Processing

Brokers and lenders: Telling the difference. The lender or creditor is the party who disburses or provides funds to you at the end of a successful loan application process. The broker, meanwhile, acts as an intermediary between you and the lender and serves as your main contact throughout the process. The mortgage broker has access to nearly all products available in the marketplace and also has access to wholesale interest rates.

Loan application forms: Where to find them. Most forms can be downloaded from a Mortgage Company’s web site. Fill out all forms accurately and completely, and contact your Mortgage Company with any questions. As a convenient service, most Mortgage Companies will also take your application information over the phone.

Documentation: Keeping your papers in order. It is highly recommended to keep an organized file containing both originals and copies of all documents accumulated throughout the entire application process. These could include:

• 2 years of W-2 forms from your employer, or 2 years of tax returns for those who are self-employed
• Recent pay stubs
• 3 months of bank and money market statements
• Brokerage, mutual fund and retirement account statements
• Proof of other income sources (alimony, trusts, rental income, etc.)
• Credit card statements
• Auto / boat / student / miscellaneous loans
• Drivers' license or form of ID
• Copies of visa or green card (for non-US citizens)
• Copies of existing mortgage debts (for those applying for a home equity line of credit or refinance)

Underwriting: Keeping in touch. Underwriters are analysts who examine all the data from a borrower's property and transaction and ultimately determine whether or not mortgages should be issued to the applicant. Your broker may contact you frequently during the course of the loan application process to help keep the process running smoothly.

For more information on any of these issues, contact a local HomeSense® Realty Agent.