What to Expect
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 estimate 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. 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.
What We Need From You
- A copy of your photo ID.
- Copy of 2 months most recent bank statements (all pages please, even if blank).
- Copies of your most recent 1 month of paystubs (covering 30 days worked).
- 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.
Try not to change anything in your financial profile from here until settlement – such as unusual large transfers of money, changing jobs, new credit or loans, late payments, etc. Please let us know as soon as possible if something comes up.