The Mortgage Process
Home Buying
Preapproval Letter
After your initial application review, we collect your financial items listed above to verify your application information.
Initial Consultation & Application
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Copy of valid ID and SS cards -
Most recent month of paystubs (including retirmeent paystubs and Social Security Award letters) -
Most recent 2 years of W2 and/or 1099 forms -
Most recent 2 years of Federal Tax Returns with all schedules -
(If self-employed, most recent 2 years of personal and business Federal Tax Returns with all schedules, including K-1's)
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Most recent 2 months of bank statements with all pages -
Most recent retirement account statement with all pages
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Copy of Bankruptcy discharge paperwork -
Copy of DD214 for VA borrowers -
Copy of finalized Divorce Decree (for FHA borrowers) -
If you currently own a property, most recent mortgage statement, insurance declarations page, and rental agreement if applicable.
Home Search / Making Offers
Offer Accepted / Initial Loan Disclosures
Once an offer is accepted you'll officially have "Opened Escrow" on your new home and begin the timeframe to work on closing your loan. You'll provide your initial deposit to the escrow company and our office will begin the process of generating your initial loan disclosures.
Processing
Your file will then be turned in for processing review to prepare for the underwriter.
Underwriting Review / Loan Approval
Your loan is reviewed and conditionally approved (or declined), the underwriter may ask for additonal conditions in order to keep your approval valid and allow for your loan documents to be generated. At this time your Closing Disclosure form will be sent to you, this will allow for a 3 day minimum waiting period to collect any conditions required to order your loan documents for underwriting review.
Loan Doc Signing / Funds to Close
Funding / Recording
Refinance
Initial Consultation / Application
An Initial consultation will be completed with you by The Brian Sapp Team via phone, email, or in person to answer any questions you may have as well as determine your An initial consultaion will be completed to determine what your refinance goals are and answer any questions you may have.
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Copy of valid ID and SS cards -
Most recent month of paystubs (including retirmeent paystubs and Social Security Award letters) -
Most recent mortgage statement, HOA, and insurance declarations page -
Most recent 2 years of W2 and/or 1099 forms -
Most recent 2 years of Federal Tax Returns with all schedules -
(If self-employed, most recent 2 years of personal and business Federal Tax Returns with all schedules, including K-1's)
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Copy of Bankruptcy discharge paperwork -
Copy of DD214 for VA borrowers -
Copy of finalized Divorce Decree (for FHA borrowers) -
Most recent 2 months of bank statements -
Copy of most recent credit card/bill statements for accounts being paid -
If you currently own additional property, most recent mortgage statement, insurance declarations page, and rental agreement if applicable.
Initial Loan Disclosures
After your consultation to determine what refinance option will be most beneficial for you, and receive your financial items to verify your application, we will send initial loan disclosures spelling the estimated fees and terms of the refinance.
Appraisal & Processing Review
Next, we’ll gather property information with an appraisal, title reports and proof of property insurance. We’ll also request a credit report and verify your income and assets.
Underwriting & Loan Approval
The underwriter ensures all loan guidelines are met by verifying the information we’ve provided. A variety of factors are reviewed during this stage. Additional documentation may be requested or "conditions" may be placed on the approval.
Loan Doc Signing
Funding & Recording
After any conditions placed on the approval have been satisfied, your loan is cleared for "docs" or closing. Your closing package will be compiled, a preliminary HUD-1 settlement form will be approved, and then your closing will be scheduled and completed. On refinance loans for primary residences, a three-day rescission or waiting period must transpire between closing and the funding of the new loan. After the rescission, your old loan will be paid off and your new loan will start.
*Important FYI*