Tips For A Smoother Loan Process:

After you have completed your loan application, your file begins its journey through three basic departments.

1. The Processing Department orders credit reports, appraisals, title work and surveys, as well as verification of your employment, rent history and funds. With the exception of title work and surveys, all other items must be in your file before the loan is ready for approval.

2. The Underwriting Department's job is quality control. The underwriter is the person who approves the loan. The three most important things for which an underwriter looks are your credit, the property itself and your ability to afford the new house payment along with our current obligations.

3. The Closing Department prepares your note and deed of trust, and several other documents you will sign when you go to the title company. Your real estate agent (if you have one) will accompany you to the loan closing.

You Can Help The Process Move Quickly:

1. If you add money to any of your bank accounts (above the amount customary for you), save copies of documentation verifying where it came from (check stubs, a copy of the check you're depositing form the IRS, a bill of sale and a copy of the check from the sale, a copy of your sold receipt if you cashed in stocks or bonds).

2. Keep your bank statements and pay stubs.

3. Provide all pages of bank statements, tax returns and other documents requested.

4. Avoid incurring new debts between the time of your loan application and the final closing (so your credit report won't have to be re-verified at the last minute).

5. If you have any slow payments, or if you have inquiries on your credit report, write a letter of explanation with specific reasons for each delinquent account. If your credit has been checked, tell us if new charge accounts resulted from the inquiry, and if so, whether they already are posted on your credit report.

6. Before your file goes to underwriting, the loan processor and your Suburban Mortgage representative will review the file to be sure it is easy to understand and includes all necessary documents.

7. You may be contacted for additional information. (No matter how careful you are, the underwriter may want to know more). Most of the time, you may fax the additional items.

8. By this time, the title work and survey should have been received, and the final papers can be prepared. Make an appointment with your seller and/or real estate agent for a closing time.

9. Be sure your insurance agent has sent your policy to the title company.

10. Call your title company a day or two before closing to learn the exact amount for the cashiers check you will bring to closing. (Your good faith estimate is an approximate total, but you need to get the exact figure.)

 

Things To Bring To Your Loan Application Appointment:

1. Cancelled checks for 12 months mortgage payment for real estate owned or sold in the last two years or a copy of your year-end mortgage account statement, with payment receipt history, and cancelled checks for the three months that have lapsed since the statement was issued.

2. Cancelled checks for 12 months of rent for real estate you own or have sold in the last two years.

3. Signed copy of settlement statement for real estate sold.

4. Lease agreement and rent payment you receive.

5. A copy of your signed purchase agreement.

6. W-2 forms for the past two years, and your most recent pay stubs from the past 30 days.

7. If you are self-employed, provide both business and personal tax returns for the last two years, and a year-to-date profit and loss statement and balance sheet.

8. If your business is a sole proprietorship, provide a balance sheet for the last two years.

9. Original bank statements for the past three months.

10. Divorce decree, if applicable (to verify liabilities).

11. Address of depository for gift funds, if applicable.

12. Cancelled check or receipt for earnest money deposit.

13. Installment liabilities and credit card references (name of lender or card issuer, address, account number, monthly payment, and balance for each).

14. Names, in addition to your present name, you have used to receive loans or credit.