Beginning the Loan Process

A few simple steps are needed to begin your loan application.

Loans are based on a variety of things

Each loan type has its specific documentary requirements. That is where we help guide you through the process. However there are things that are generally involved in loan processing.

Credit History (rating score)
Employment and income (Not always required - see below: pay stubs and bank balances)
Existing debt/Credit Cards/other loans

Your Credit History

One of the first and most important things a lender does when you apply for a mortgage loan is to order a copy of your credit report. Please have your social security number, as well as your spouse's, available when you contact MTG as this information in required to obtain a credit report. The credit report gives your mortgage consultant some of what is needed to get the best loan package for your needs.

Income and Bank Balances

There are a wide variety of loan packages that offer attractive rates for Stated Income and also for No Doc and No Income Verification. It is important to speak with your mortgage consultant to determine which type of loan is right for you. We have access to special No Doc (no documentation) loan packages well suited to the self-employed and non-resident alien.

Existing Loans

Whatever loans you already have in place, credit balances and such are used in loan process computations.

Pre-Qualifying

Usually a pre-qualifying step helps us determine what is best for you from the available rate and loan packages. Our mortgage consultants will do this to quickly get you confirmation that your loan can be performed. Mortgage Trust provides free pre-qualifications. Meet with us and determine your pre-qualification status prior to contacting a realtor.

Information Checklist for a Typical Residential Home Buyer

Here's a cross section of various information needed for the Uniform Residential Loan Application (Form 1003).

Complete, sign and date Uniform Residential Loan Application
Complete, sign and date program disclosures
most recent 2 years W2s
Consecutive, recent pay stubs covering the last thirty days of employment, must show year to date earnings, company name, and name of employee or social security number (i.e. if paid weekly = 4 pay stubs; biweekly = 2 pay stubs; or monthly = 1 pay stub).
If Borrowers are self-employed or collecting rental income please provide the most recent 2 years' tax returns (1040s with all schedules).
If receiving child support or alimony provide Divorce Decree, Child Support Order, along with three months receipt and proof of three years continuance.
If receiving social security please provide a copy of Social Security Award letter.
Most recent three consecutive months bank statements (all pages), or copy of passbook to verify liquid assests sufficient to cover down payment, closing costs and two months of mortgage payment reserves
Previous twelve months canceled checks to substantiate on time payment history for current rent (front and back). (If applicable.)
If you currently own a home, a copy of the most recent mortgage statement (to indicate current balance and monthly payment). Homeowners Insurance Binder & recent tax bill (for all properties owned). Copy of Purchase and Sales Agreement on home being sold. (If applicable.)
Copy of Offer to Purchase or Purchase and Sales Agreement. Also, copies of canceled deposit checks (front & back) given to Real Estate Broker will be needed before closing.
Check in the amount of $__________.00 representing appraisal or pay appraisal at door.

Looking for a House

Once you've been pre-qualified for your mortgage loan, MTG will work with you to help you find the perfect home. We will provide information on what to look for in a house, in a sale price and a pre-qualifying letter to show real estate agents.

Buying the House

The final steps in the mortgage process begin once you've identified the house you want to buy. When this happens, MTG will work with you to finalize your mortgage. Additionally, thanks to our extensive network of relationships with other professionals in the home-buying process, we can refer you to home appraisers, attorneys and others who are involved in the final steps of a sale.

Closing

Once all terms are settled on and your mortgage is approved, the house you've chosen is ready to become your home!