Home Buying Process

At Application we will help you decide whether to lock in at the best rate of the day - or wait if we think rates will go down before settlement.

• You are going to sign a lot of documents that you'll see again at settlement. These are preliminary numbers - our very best guess at the final figures. We're usually pretty close.
• Now it is time to order an Appraisal of the property to document the home's current market value. (This is separate from the Home Inspection). We will need to collect a fee for the Appraisal - which we pay directly to the Appraiser. Once we receive the Appraisal Report we will email you a copy.

• A copy of your photo ID.
• Copy of 2 months most recent bank statements (all pages please, even if blank).
  Click here if you have to provide internet statements or teller print-outs
• Copies of your most recent 1 month (full 30 days worked) of paystubs.
• A general phone number for your work that we can use to verify your employment (we need to be able to verify this number in the phone book or online, if possible).
• Name & phone number for your Home Owners Insurance Agent.
• Any documentation that may be relevant to paint a clear picture of your financial situation (divorce documents, child support, disability income, etc.).
• A check made to FAIRWAY Independent Mortgage to cover your Appraisal and credit report fees. (This is the only fee we collect from you prior to settlement. Please call us for the amount).

• Allow yourself to breathe and even relax. Yes, you're allowed to relax. This stage can seem intimidating, but keep in mind - now you have a team of people working diligently to get you approved for your loan. What can you do to help the process? We're glad you asked!
• Continue to pay all of your bills on time
• Deposit your paychecks as usual
• Make it easy for us to prove that you're good with your money. If possible, let as much money as you can afford accrue in your bank accounts during the approval process.

• Try not to change anything in your financial profile from here until settlement.
• No cash deposits into your bank accounts please
• Don't let anyone pull your credit
• Don't apply for new credit or any other loans
• Don't spend on your credit cards
• Don't change jobs or quit the job you have
• Don't move around large sums of money (all of your funds must be seasoned for 60 days to be used in the transaction. We'll need thorough documentation for any moved money so we can prove on paper that it has been in your sole possession for that whole time)
• Please please please no late payments, particularly on your existing mortgage if you have one
• We have to pull your credit again on the day of settlement, so any of the events listed above could potentially stand in the way of your settlement happening on schedule. Please let us know as soon as possible if something comes up.