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The Process & Checklist

Mortgage Information: An Overview of the Home Loan Process

When it comes time to look for a home loan, the more you understand about the process, the easier and less stressful it will be. A typical mortgage loan process takes place over six steps.

1. Prepare for the mortgage loan process and obtain required documents

Take time to prepare the proper paperwork and familiarize yourself with mortgage terms and processes.

Document checklist

 - Fill out and sign form 1003—the residential loan application—including the attached fair lending notice, loan info sheet, and credit authorization. Note: Do not use whiteout on this paperwork. Mistakes should be crossed out.

 - Provide copies of W-2’s or tax returns for the previous two years.

 - If you own rental units, provide the most recent rental agreement and tax returns for previous 2 years.

 - Provide your last three bank statements along with the most recent statements for any mutual funds, IRA/401K or stock accounts.

 - Provide a settlement agreement and divorce decree (if applicable).

 - Non-U.S. citizens must present green card or H-1 or L-1 visa.

 - If you have filed for bankruptcy, present schedule of creditors, discharge notice and filing.

 - If you are applying for a second loan, include the first mortgage note.


2. Qualify for a mortgage – pre-qualification vs. pre-approval

 - Pre-qualification: You can often pre-qualify in minutes online or by phone.

 - Pre-approval: Pre-approval is more rigorous than pre-qualification and requires verification  of income, assets, liabilities and credit.

 - Pre-approval is highly recommended when shopping for a home. Being pre-approved will  establish a loan value you are likely to receive so that you can set a budget and price range for your home search.  Pre-approvals also aid in price negotiations and facilitate faster closings.


3. Shop for mortgages and rates

 - There are many loan products to choose from. Selecting the best one for your situation can make your life easier and save you money. Consider:

 - How long you plan on living in your home. If you plan on selling the home after only a few years, an adjustable rate may be a viable option.

 - The different types of loan programs. Talk to a licensed loan originator who can help you understand mortgage programs, the mortgage process and mortgage terms.

 - The difference between points and rates. Points are prepaid interest and are often tax deductible. One point equals one percent of the loan. If you pay more points, your rate will be lower.

4. Apply for the Loan

Depending on your circumstance you may decide to apply for a home loan in-person, online or through the mail. Talk to a loan officer for guidance.

5. Get approval for a Loan

After selecting and applying for a loan, the approval process begins. For approval you must verify your credit, employment history, assets, property value and anything else demanded by your particular circumstance.

Tips for obtaining approval:

 - Don’t make major purchases such as a car or appliances while seeking mortgage approval.

 - Respond to all requests for documentation and answer questions promptly.

 - Complete the application thoroughly and accurately.

 - Do not move untraceable money, such as a cash gift, into your bank accounts.

 - Inform your loan officer of other credit and loans you currently have.

 - Try not to leave town near your closing date.


6. Closing the loan

Closing usually takes place in the presence of a notary public. There are several things you should be prepared for.

Review the final documents. Make sure the rates and amounts are what you have agreed to.

Bring a cashier’s check to cover the closing costs and down payment. Personal checks are usually NOT accepted.

Sign the loan, and be prepared to show photo ID and possibly a Social Security card.


Contact us today if you need additional mortgage information, if you have questions, or if you would like to get started. 

Crosscountry Mortgage, Inc. NMLS #3029
6850 Miller Road, Brecksville, OH  44141
Toll Free:  (877) 351-3400
Copyright © 2018
CrossCountry Mortgage, Inc. NMLS:3029 MB.803095.000

This branch is licensed in Ohio.
This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site.

To verify licensing, please visit www.NMLSConsumerAccess.org.
To view all corporate licensing, please visit www.crosscountrymortgage.com/disclosures-licenses.

CrossCountry Mortgage, Inc. is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Call for details. *Certificate of Eligibility required.
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