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Pre-Qualification: Determining how much home you can afford is the key to the pre-qualifying process. This will allow you to know exactly what you can comfortably afford and will help you shop for the perfect home. |
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Loan Application: Once you’ve found the perfect home and your offer has been officially accepted, the loan application process begins. You will meet with the Bank of Dwight mortgage loan specialist of your choice. Your mortgage loan officer will provide you with an application and explain what information you will need to complete the application. |
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Processing: Once you’ve completed and turned in your loan application, we will verify that we can underwrite your loan. |
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Underwriting: Underwriting determines if the loan package provided is acceptable. Once the underwriting standards are met and approved, you are qualified to receive a mortgage on your new home. |
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Loan Closing: A closing will be held to finalize your loan. This is a short meeting between yourself, your attorney, the bank, the seller and the seller’s attorney. During this meeting, closing documents are signed, the seller receives payment and you officially become a new homeowner. |
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Filling Out Your Mortgage Loan Application
Please refer to the following checklist when preparing to fill out your mortgage loan application. You’ll need to include any items from this list that pertain to your situation.
- Signed purchase agreement (if applicable)
- Residence address for the past two years
- Name and address of landlord for the past two years (include on the back of your application)
- Current pay stub verifying 30 days of income and year-to-date income, including overtime, commissions or bonus income
- W-2 forms for all employers covering the last two years
- If you are self-employed, provide a copy of Corporate or Partnership tax returns for the last two years, including all schedules and signed by a company officer
- If you are self-employed, provide copies of your balance sheets for the last two years
- If you are self-employed, provide a copy of your profit and loss financial statement through the most recent quarter/month
- Copy of your most recent social security award letters
- Copy of your most recent pension/retirement check, or if directly deposited, a copy of your bank statement that shows the deposited source and amount
- Most recent copy of your disability award letter
- Copy of divorce decree
- Complete bank statements (for all accounts used in making your down payment or paying closing costs) or any other asset verification, covering the last two months
- Complete itemized list of all monthly payments made by you, including: Rent, Mortgage, Credit Cards, Installment Loans, Credit Union Loans, Student Loans, Alimony Payments, Child Support Payments, Automatic Payroll Deductions (ACH)
Prior to your loan closing, you will need to supply proof of the following:
- Homeowners Insurance
- Flood Insurance (if applicable)
- Termite Inspection
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