Buying a Home: The Loan Process

BUYING A HOME THE LOAN PROCESS SOLD! GATHER YOUR TEAM GET PRE-APPROVED. ---- by a reputable mortgage lender with a proven track record GET REFERRAL· for a reputable real estate agent to represent you and help you find your ideal home GET PRE-APPROVED COMPLETE a mortgage application form YOU'LL NEED TO PROVIDE certain documents to develop your credit profile a Income information O Employment A history O Consecutive pay stubs Employers' names, addresses, and phone numbers from O w2s or 1099s from the last two years the last two years O Completed federal tax returns O Proof of income from ? Identification other non-employment Government-issued sources identification Asset information Owned real estate O Recent statements from all O Addresses and market checking, savings, or money value for any properties market accounts O Mortgage statement, O Statements from stocks, homeowner's insurance, bonds, mutual funds, or and property tax bill retirement accounts X Bankruptcy All documentation of E Liabilities any previous cases O Outstanding loans and credit card statements O Divorce decree if paying alimony or child support O Student loan statements Residence history O Addresses from the last two years O Landlord information if you have been renting in the last year CHOOSE YOUR FINANCING FIXED-RATE BUYDOWN Predictable payments allow An upfront charge lets you for easy monthly budgeting have a lower monthly payment Longer mortgages mean Provides the stability of lower monthly payments a fixed-rate mortgage Shorter mortgages allow you You may be able to deduct to pay off the loan more quickly the buydown cost from your income tax ADJUSTABLE-RATE Ideal for those who plan to Rate and payment are adjusted move in a few years based on the market Ideal for people who expect Some offer fixed-rate for a bigger salary soon the first few years before adjustments begin IT'S IN THE WORKS YOUR LENDER performs a number of activities to analyze your credit CASH FLOW Analyze income history to ensure ability to repay the loan CHARACTER Verifications are sent out to employers Personal information from loan application is verified Analyze credit history to ensure a history of meeting obligations CAPITAL ONCE Analyze savings to ensure all documents are received, sufficient funds for down file is sent to the Underwriter payment, closing costs, and for pre-approval a cushion to withstand a temporary lack of cash flow FIND YOUR DREAM HOME WITH your pre-approval in-hand, begin searching for homes NARROW DOWN your choices CONFIRM the home you want is within your budget MAKE AN OFFER on your ideal home NEGOTIATE with seller about price APPRAISAL is ordered by lender to ensure there is sufficient DETERMINE DATES value for the loan for financing, closing and moving GET a home inspection to check for potential material defects PROVIDE signed sales contract to your lender YOU'RE APPROVED! Closing or escrow is scheduled Closing company will notify you of the required amount for the check you will need to bring for the down payment and closing costs Terms of the loan are reviewed for a final time Sign final closing documents ENJOY YOUR NEW H OME! Sources http://homeguides.sfgate.com/buydown-mortgage-2850.html http://www.ephmc.com/home-purchase.html http://www.ephmc.com/required-documentation.html PLATINUM HOME MORTGAGE www.platinumhomemortgageinfo.com HomePath is a registered tademork of Farnie Mae. Informstion subject to change without notice. Al loens autiect to credit sceroval and certoin restrictions mav aoph. NMLS ID 413589 fawwnmlaconeumeracoess.orgl. AZ Mortasge Banier's Licanse BK.0907538 Licensed by the Dept, of Com, inder the CA Residential Mortoace Lénding Act: 00 Raculated by the Owision of Real Estate Georgja Residental Mongapa Liosrgas: L Residantial Mortcage Ucensse MB.0004152 Kansas Lioansed Mortgags Company MC.0025118, Licensed by the Mississippi Department of Banking and Consumer Finance; W Mortgage Bankers License 3177: 2980 S. Rainbow Road Boulevard Sute 110-D, Las Vegas, NV 89146 702-876-9329, 20501 S. halon Bhd., A, Carcon, CA 90746 310-380-6300 and 2200 Hicks Ad 101, Roling Meadons, IL 60008 847-797-9500; Maine Supervised Lender SUM12233, Licensed by the New Hempehire Barking Depertment Licensed by the New Jersay Department of Banking End insuranos: Chio Marigage Brokar Act Mongage Broker Esampien MBME B50128.000 OR Mongage Landar M.-4718 Ucenaed by the Pennayvanla Department of Barking, TX Pegistered Mortgage Earker, Licensed by Virginia State Corporation Commission under Licerse MC5125. Platinum Home Mortgage Corporation 2200 Hicks Rd101, Roling Meadows, IL 60008 847-797-600. See ww.ephmc.com for additional licensing inomation.