Obtaining a mortgage is a three step process:
Applying, Underwriting and Closing.
The Application Process
The first step in the loan process is the
application. We can take your application over the phone, or you can complete
an application
online now. Below is a checklist of the documents we may need to process your loan request.
Loan Application Checklist
- Two months current and consecutive bank/investment
statements on any account that contains funds to be used for closing
and reserves
- Most recent months pay stubs (if paid weekly, provide last 5 pay stubs)
- Most recent 2 years W-2 forms
- Most recent 2 years Income Tax Returns
with all supporting schedules (this includes tax returns and supporting
schedules for partnerships, S corporations, and C corporations, if
applicable),
required only if you are self-employed or receive commission.
- Landlord names and telephone numbers
for the past two years, if you have rented
- Final Divorce Decree and Settlement
Statement, if applicable
- Complete Bankruptcy Petition and Discharge
papers, if applicable
- Proof of Green card, Visa, or Proof of Alien residency, if applicable
- Copy of Settlement Statement (HUD-1)
on sale of current/prior home, or sales contract or listing agreement,
whichever applies
- Executed Original Sales Contract/ Addendum
to contract, if you have selected a property to purchase
- Relocation Agreement and/or Buyout Agreement,
if applicable
- Copy of canceled earnest money check(s), if you have selected a property and executed a sales contract
- In some cases we may require additional
clarification/documentation upon receipt of the above information.
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The Underwriting Process
Most of the work on your part is done.
You can now relax as Canton Street Mortgage processes your loan and begins
the underwriting process. During this time we will do the following:
- Keep you informed as to the status of your loan
- Provide you with Good Faith and Truth-In-Lending statements
- Order and evaluate your property appraisal
- Order and evaluate your property survey (optional)
- Order and review the property title documents
- Order homeowners insurance from agent of your choosing
- Make a final underwriting decision on your loan
- Schedule and confirm the date, time, and location of your loan closing
- Review the Settlement Statement (HUD-1) in advance of your closing and email to all parties involved
- Confirm that your loan package is complete for closing day
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The Closing Process
On closing day you will meet with your Canton Street Mortgage consultant,
closing attorney and real estate agent (if involved). Please bring the following items with
you to your closing:
- Closing funds- a certified check made payable to yourself
- Termite Inspection Report- A termite inspection report dated within 30 days
prior to your loan closing is recommended. The real estate agent is responsible
for ordering and supplying this inspection report.
- Picture I.D. - Please bring picture identification to the closing
(i.e. driver's license, passport, resident alien card, etc.)
At closing your Canton Street Mortgage Consultant will:
- Explain the closing documents to you
- Offer you the opportunity to purchase Owner's Title Insurance on your property
(highly recommended)
- Give you copies of all of the important loan closing documents for your records
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