First State Bank Mortgage
The Mortgage Process
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The following information is usually required during the loan process. To speed along your loan process, please start to collect these items for faster processing.
Please keep in mind that some documents may not apply to you or may be difficult to provide. If you have questions about these items, or have trouble collecting them, please contact us so that we can assist you in this process.
- Current driver’s license or photo ID
- Copy of the trust papers if you want the property held in a trust.
- Copy of accepted contract signed by purchasers and sellers, copy of earnest money check
- Check for $395.00 for application fee (covers appraisal and credit reports fees). Please make the check payable to First State Bank Mortgage. This is not due at application, but will be needed to facilitate an appraisal order.
- Present employer’s name, address and phone number. Length of employment, position and salary. If employed less than two years, please provide previous employer’s name, address and phone number to cover two consecutive years. Exact dates are required.
- Most recent two years W-2
- Current pay check stub reflecting year-to-date income of 30 days or more.
- If self-employed or paid any commission or have any business income, please bring complete copies of your federal tax returns along with all schedules and W-2s for the past two years. Include corporate or partnership returns, if applicable, for your business. Also include a year-to-date P & L statement.
- Evidence of child support payments for the last 12 months, if applicable, along with divorce decree and court order for child support payment and alimony.
- Verification of other income needed to qualify, such as retirement, rental, interest or dividend income. If receiving Social Security or pension income, please bring current awards letter.
- If applying for MHDC grant, the past three years’ federal tax returns are required.
- Last two months’ bank statements for all accounts. Please provide explanations of any deposits larger than normal paycheck.
- If you have a property for sale, please bring the accepted offer to purchase or copy of listing contract.
- If you own investment properties, please provide address, name of mortgage lender, mortgage statement and lease agreement on properties.
- Divorce decree order or any financial obligation incurred through a court order, if applicable.
- If any judgments or bankruptcy has been filed, please supply a copy of the judgment or bankruptcy discharge and petition. Also, furnish a letter of explanation of the same.
- For a VA Loan, please provide a certificate of eligibility and a copy of DD 214.
The Loan Process
- The home financing process may seem an overwhelming task, but our job is to ensure that you receive the best loan for your situation as quickly and easily as possible!
- How do we do that?
Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you need immediate assistance, your Residential Mortgage Lender and Loan Assistant are just a phone call away!
Here's an overview of the loan application process
- STEP ONE - Pre-Approval
- Call us first. By giving us some general financial information, we can help you determine how much you will be able to borrow. Having your loan pre-approved could give you more power when you're looking fora home and negotiating the purchase price. We will also review your credit report and evaluate your debt-to-income ratio.
- STEP TWO - Application & Processing
- When you've selected a property and have a contract with the Seller, the next step is to complete your loan application, which can be done easily through our website. To get started, select "Full Application" from Apply Now drop-down menu on the left sidebar.
- At the appropriate time we'll order a property appraisal for you
- Please keep in mind that applying for a mortgage loan is an ongoing process that takes into account EVERYTHING you do - right up to the day of closing! That's why we encourage borrowers to refrain from incurring any new debts or making lifestyle changes that could affect or hinder the approval of your loan. Ask your mortgage lender for recommendations to ensure a quick and smooth loan closing process.
- STEP THREE - Loan Approval, Funding & Closing
- Your Real Estate Agent or the Seller will designate an Escrow/Title Company to handle the funding of your loan, along with many other factors which make your purchase go smoothly.
- The Loan Closing is a meeting where you will complete the final paperwork to purchase the home from the seller, sign your mortgage documents and receive the deed and keys to your new home! We will coordinate with the escrow team and you'll sign the final papers at their office.
- That's the loan process in a nutshell: Simple, Straightforward, Cost-Effective, and FAST!