Having an offer accepted on a home is a wonderful moment! But many out there believe the process of getting approved for a mortgage loan is like pulling teeth. There are ways to make it easier, just like flossing regularly before going to the dentist. The loan process is not that hard, as it largely boils down to submitting the collection of items that are required for your loan to be approved by the lender so your file can go through underwriting. For every mortgage application, there is the basic list of items you will need to provide your lender:
- A legal form of identification
- Your most recent year W2’s
- Your most recent pay stubs
- and two months of bank statements.
See, not that much! Depending on your situation you may also need to provide your most recent year (possibly two) of personal federal income tax returns or two months statements for retirement or investment accounts if you require funds needed for closing, additional income for underwriting, or need to show more reserves. If your loan is trickier, there are other documents you may need, but it is not likely. Fortunately, the list contains items everyone should have access to with relative ease. In current times, the transfer of most of the items needed for loan applications is primarily done electronically, which saves a lot of time and headache. Either scan/copy the items, or submit electronic copies, which most lenders, like RPM Mortgage, take. If you do not have a scanner or copier or electronic copies you may provide the original documents which will ultimately be returned to you. If you wish to make your loan process easier, once you have the list of items needed from the lender, return them promptly and you will be amazed just how much faster than a 30-day close the loan process can be. It’s easy to copy things like bank statements and insurance information off of websites, and obtain electronic copies of things like tax returns, paystubs, and W2’s. Once we have all these documents, we will let you know if anything else is needed, so as to not delay your closing. The objective is to present to the underwriter the most complete file possible, so when it is opened for review the loan is approved with few, if any conditions that require more information or documentation from you. Our application process is almost fully automated now with the use of the Home On Time® App to sign application documents and disclosures. In order to speed up the process on your end, quickly respond to requests for documents, monitor your notifications for electronic signature requests, keep all bank statements, pay statements and other financial documents through your escrow, and if in doubt whether you think we need something, send us a note!
At RPM Mortgage, home starts here. We are right by your side to make the entire mortgage process as seamless and enjoyable as possible.