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1. Get pre-approved
The first step in the loan process is to get pre-approved by a lender. You can get recommendations on local lenders from your real estate agent. You will need to have the following information to complete the loan application with the lender.
a. Addresses for the past two years.
b. Employers name, address and phone number for the past two years.
c. Social Security numbers and birthdates.
d. Your current income.
e. Bank and retirement account names, account numbers and balances.
f. A list of current liabilities including monthly payments.

2. Submit all of your supporting documentation as requested by your lender.
The following is a list of documentation that may be required by your lender.
a. Tax returns and W-2’s, 1099’s, K-1’s etc.
b. Drivers license, Social Security cards, Citizenship cards, Work VISA’s, etc.
c. Pay check stubs for 30 days.
d. Bank and Retirement account statements for 1-2 months.
e. Divorce decree and separation agreement, as applicable.
f. Documentation for any large deposits or gifts from relatives.
g. Closing statements from the sale of any property.

3. Inquire about rate lock options – Ask:
a. If there are options to lock a rate without having a property first.
b. How long are your rate locks? 30, 60, 90 days? Some lenders offer locks on build jobs for 6 months or more.
c. If you lock a rate and the rates improve, is there a float down option?

4. Order the appraisal of the property as soon as possible.
a. The lender will probably collect for the cost of the appraisal upfront.
b. In most cases, wait to order the appraisal until you have completed any home inspections.
c. Ask for a copy of the appraisal as soon as the lender receives it.
d. Address any repair conditions required by the appraiser.

5. Step up Home Owners Insurance
a. Check with 2-3 different insurance companies.
b. Compare insurance coverage, deductibles and annual premiums.

6. Lender will submit your appraisal and other supporting documents for underwriting.

7. Underwriting make conditions for additional documentation to complete the loan file.

8. Conditions are cleared by underwriting and the loan is moved to closing. Loan documents and a final closing statement will be prepared for all parties to review.

9. Closing the loan by reviewing and signing all final documents.