The Mortgage Loan Process

MOREIRA TEAM – TỊC MORTGAGE Moreira Team Mortgage Presents The Mortgage Loan Process Get Started Call a Mortgage Advisor or Apply Online Prepare Your Documentation Your W2 from the past two years Your past threę months of paystubs Tax Returns from the past two years Your Checking & Savings account statements from the past three months Statements of other assets (Stocks, Bonds, Retirement accounts) Name and Phone number of your.current landlord or your current mortgage documentation Self-Employed: Your business tax returns for the past two years plus a year-to-date profit and loss statement Request A Home Appraisal If you are buying a home the bank will require that a home appraisal be done to evaluate the value of the home and if certain conditions are met the loan will progress to the next stage. If the appraiser finds that the value is lower than the loan amount you may need to re-negotiate the price with the seller. If some situations the appraiser may apply specific conditions like repairs to the home prior to approval. In this case, the home will get re-appraised once these conditions are met. When the appraisal is completed and approved the loan will move onto the next stage. Loan Processing A Qualified Mortgage Loan Processor will review all of your loan documentation prior to being submitted to the the underwritering stage Underwriting A representative of the lender will review all loan application documentation to assure that it adheres to the loan requirements set out between the lender and borrower. Mortgage Approval Issued An initial approval is issued from the lender and may require additional documentation to be provided to the lender. Confirmation of the Loan Your mortgage advisor will review the final terms of the loan Cleared for Closing A Closing Coordinator will be in touch to schedule your closing Your Loan is Closed Reaching this step means that your closing was a success and your role in the mortgage loan process is now complete Funded The final step in your home purchase journey is now complete. It's time to celebrate ! MOREIRA TEAM TJC MORTGAGE APPROVED LENDER BBB EQUAL HOUSING LENDER ACCREDITED BUSINESS Start your mortgage with The Moreira Team. We'd love to work with you. When you're ready to talk, give us a "ring". 404-238-7888 Moreira Team - TJC Mortgage is a FHA and VA approved lender and is not affiliated with any govemment agency. NMLS 2239