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HOW WE DO IT - Your Step By Step Guide For Applying For A Loan With Sand Dollar Mortgage Brokers
Follow these simple steps to take you through the loan process
Follow our easy on-line loan application or call (239) 597-6666 today and ask for a Mortgage Specialist. We can usually pre-qualify you in 24 hours and move you onto STEP 2, Supply Documentation. Pre-qualification simply lets you know that you have met the criteria for loan approval and qualifies you for an estimated loan amount. This process is determined by your loan officer. Final loan approval must be obtained by a lender before your can close. Even if we cannot help you, we can refer you to someone who can or provide you with good advice to follow so you can qualify in the future. Our goal is your satisfaction. You will need the following information to complete the loan application:
- Institution Names, address and account numbers, including all monthly payments, on all debts
- Checking and Saving Account balances and numbers
- Last 2 years residency
- Last 2 years employment history
- Account numbers and balances on any stock, mutual fund and IRA accounts.
- Estimated value of any real estate owned
- Value of any other assets
Providing us with copies of the following documentation as soon as possible to speed up the process:
- If you are salaried: provide two years W-2 and Income Tax Returns, one month of pay stubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement along with corporate returns.
- Three months bank statements for all savings, checking and stock or mutual fund accounts.
- Copies of any IRA/401K accounts
- If you are requesting cash through a refinance, please provide a letter explaining what you need the funds for.
- If you are divorced, please provide a copy of the Decree.
- If you are not a US Citizen, provide us with a copy of your Green Card (front and back) or if you are not a permanent resident provide us with your H-1 or L-1 Visa.
If you own rental property, please provide us with rental agreements and two years tax returns.
- If you are purchasing a home and already have an executed purchase contract, please supply copy or your Realtor's name/Seller's name and number.
- If you are refinancing, please provide copy of Deed or Title Policy.
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Once Steps 1 and 2 are completed, your loan officer should have enough information to recommend several options so that you may choose a loan that is right for you. Your type of loan, interest rate and payment amount should be determined with this step. You should now receive a "good faith estimate," which is required by law. The good faith estimate will set forth your interest rate, closing costs and payment amount.
Based on the loan program you have chosen, your loan officer will now submit your loan package to a lender for final approval and he will also lock in your rate. An underwriter with the lending institution will now examine your verified documentation and property value.
The last step is the easiest. You will need to set an appointment with your loan closer and or title agency to sign your final loan documents. If you are required to bring money to close, please bring a cashier's check or money order. If you are unable to sign before your rate lock expires, you may sign a power of attorney to authorize another individual to sign on your behalf. You may feel comfortable bringing your own attorney to the closing, many people do!
CAUTION: To speed up the process and improve your chances for loan approval, do not make any major purchases such as a car, boat, house or anything on credit. It is important to keep your current financial status the same throughout the entire process. Anything you might do could have a negative affect on your current application. Also, it's imperative that you provide all requested information honestly and in a timely manner.
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