The Loan Process
An Overview of the Loan Process.
1. Organize your Documents
2. Get Qualified
3. Shop Loans Programs and Rates
4. Apply for a Loan
5. Obtain Loan Approval
6. Close the loan
If you are buying or refinancing a home
- If you are salaried: provide two years W-2, two years of Federal tax returns, one month of pay stubs and two months of banks statements. If you are self-employed: provide two years Federal tax returns and two months of bank statements.
- If you own rental property, please provide rental agreements.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.
Getting qualified before you apply for a loan can help you understand how much you can borrow.
When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. It is highly recommended that you get pre-approved before you start looking for a house.
Shop Loan Programs and Rates
To shop for a loan you will need to:
Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
Apply for a Loan
Apply online or contact our office for information at 310.319.6160.
Obtain Loan Approval
- Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
Assets including your bank accounts, stocks, mutual fund and retirement accounts.
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 your rate is locked or 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.
Close the Loan
After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:
Bring a valid Driver License, a valid Passport and a cashiers check for your down payment and 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 that the name and address on the loan documents are accurate.
Sign the loan documents.
Your loan will normally close shortly after you have signed the loan documents. Federal Law requires that you have 3 days to review the documents before your loan transaction can close (applies to owner occupied refinance only).