The process for getting a mortgage shouldn’t be a guessing game. We’ve broken it down into 10 simple steps so you know what just what to expect.
Step 1: Complete a pre-qualification application. You can do that here.
Step 2: Once you are under contract to purchase a home, sign Loan Application and Disclosures. Provide supporting documentation to your loan officer.
Step 3: Your NEHM Loan Processor will review your file for completeness and submit to the lender for review.
Step 4: You will receive and eSign the Loan Estimate and Initial Disclosures from your lender.
Step 5: NEHM Loan Processor will contact you to order the appraisal for the property you are buying.
Step 6: Your Loan Processor orders title work from the Closing Attorney.
Step 7: The lender reviews your file and issues a conditional Mortgage Approval with a list of items needed prior to closing. Your NEHM Loan Processors will work with you to get any conditions cleared.
Step 8: You receive the Clear to Close, and your file moves to the Closing Department.
Step 9: Closing is scheduled with your Lender and Closing Attorney.
Step 10: You will receive and eSign a Closing Disclosure (CD), issued at least three days before closing. This indicates the amount due at closing.
That’s it! You made it to your closing! Wayne Coleman summed up his loan process with NEHM:
“They told us exactly what we needed and kept us updated the whole time. It was like following instructions - so easy.”
Items needed for the Mortgage Application
W2s from the past 2 years
Federal Tax Returns from the past 2 years
Most recent paystubs (usually 4 if paid weekly or 2 if paid bi-weekly)
Bank statements from the past 2 months, including all pages, name and all account information (any large deposits must be sourced)
Retirement and Investment account statements from past two months, including all pages, name and all account information
Copy of Driver’s License(s)
Also required when applicable,
Divorce Decree/Separation Agreement/Child Support Order
2 Years K1s or Business Tax Returns
Mortgage statements/Tax and Insurance Bills for all other properties owned
Student loan documentation (showing terms and monthly payments)
Proper Documentation for Permanent Resident Aliens or Work Visa