Coldwell Banker Gundaker Home Buyers Guidebook - 2017 - Page 15
THE FINANCING PROCESS
Financing Your New Home
How to Apply for a Mortgage
1. First complete the loan application. An application fee
may be required by the lender.
2. The lender begins processing the application.
3. The lending institution requests an appraisal of the
home, a credit report, and verification of employment
and assets such as bank accounts.
4. The lender will provide a booklet containing specific
loan information and a good faith estimate of closing
and related costs.
5. An estimate of your loan costs in the form of an initial
Truth in Lending Disclosure Statement (Reg Z) is issued.
6. The lender evaluates the application, along with
supporting documentation, and approves the loan.
7. Once you sign the closing documents, the loan is
8. The lender disburses the funds to the settlement or
closing agent. The seller is paid and the title to the
home is yours.
9. The appropriate documents are recorded at the county
Documents Needed to Apply for a Mortgage
When you apply for a mortgage, you will need to furnish
information regarding your income, expenses and
obligations. It will save time if you have the following items
Two most recent pay stubs
W-2s for the last two years
Federal tax returns for the last two years
Last two months bank statements
Long-term debt information (credit cards, child support,
auto loans, installment debt, etc.)
Repairing Past Credit Problems
Have you had situations in the past that have put
blemishes on your credit?
Some lenders will work with you to find a credit solution.
They have special programs and financing options that
allow you to get a mortgage even with minor credit
blemishes. However, it is in your best interest to keep your
credit report in good standing.
Here are some helpful hints for your credit report:
• Never go over 90 days past due on any accounts
• Keep your credit card debt below 50% of your monthly
• If paying bills after the due date, always pay within the
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are registered service marks owned by Coldwell Banker Real Estate LLC. Real estate agents affiliated with Coldwell Banker Gundaker are independent contractor sales associates and are not employees of Coldwell Banker Gundaker.