Organize your documents

If you are buying or refinancing a home, you will need the following

• Copy of your driver's license or state photo ID card
  
  
• Copy of social security card or two separate items evidencing the borrowers social security number
  
  
• Original of last two years W-2's, 1040's and, if self-employed, current profit & loss statement (must be signed by an accountant on accountant's stationary with accountant's business card)
  
  
• Original current (under 30 days old) computerized printed pay stub showing year-to-date earnings
  
  
• Fully executed real estate contracts/offer to purchase
  
  
• Original most recent three months checking statements and savings account statements, your last credit union, money market, mutual fund and IRA or 401(k) statements
  
  
• If gift money is to be used to help purchase the home, all of the following are needed:
  1. Copy of certified check
  2. Deposit slip
  3. CMC gift letter signed by you and donor stating there is no repayment obligation
  
  
  
• If you already own a home, all of the following are needed:
  1. Year-end mortgage statement showing mortgage balance
  2. Contract on sale and riders OR realtor listing agreement and MLS listing sheet
  
  
  
• For VA loans: DD214, and completed VA 1880. Also current certificate of eligibility if available
  
  
• For non-US citizens: Non-resident Alien Card
  
  
• Non-refundable Application Fee (pays for appraisal and credit report)

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

1. Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
2. Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
3. Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:

1. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
2. Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

1. Credit history
2. Employment history
3. Assets including your bank accounts, stocks, mutual fund and retirement accounts
4. Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

• Fill out the loan application completely.
• Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
• Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
• Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
• Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:

• Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
• Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
• Sign the loan documents.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.