Coldwell Banker West Shell - Home Buyers Guidebook - 2017 | Page 13

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.
Repairing Past Credit Problems
7. Once you sign the closing documents, the loan
is funded.
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 recorder’s office.

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.
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 available: Here are some helpful hints for your credit report:
• Two most recent pay stubs • If pa ying bills after the due date, always pay within
the grace period
• W-2’s for the last two years
• Never go over 90 days past due on any accounts
• Keep your credit card debt below 50% of your
monthly obligations
• 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.)
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