Organize Your Documents

If you are buying or refinancing a home

• If you are salaried: provide two years W-2 and one month of pay stubs OR if you are self-employed, provide two years tax returns and a YTD profit and loss statement.
• If you own rental property, please provide rental agreements and two years tax returns.
• If you wish to speed up the approval process, please also provide 2 months bank statements for each bank, stock IRA/401K, and mutual fund account.
• If you are requesting cash out refinance please provide a letter explaining what you plan to do with the proceeds.
• Provide a copy of divorce decree if applicable.
• If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.
• If you currently own a home provide a copy of recent Mortgage Statement.

Shop Loan Programs and Rates

To shop for a loan you will need to:

• Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
• 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.
• 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.

Apply for a Loan

Now that you have gathered all the documents, time to apply for the loan.:

You've done all the hard work, now it's time to apply for the loan. We at First Class Home Mortgage pride in taking the hassle of the loan application process. We will keep you apprised of the loan process and let you know of the outcome as soon as possible. Because we like to do our due diligence, we make sure that everything goes through smoothly.

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 cashier’s 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.