Save time and avoid delays by having this information available when you meet with your lender.

• Copy of Purchase Sales contract or Offer to Purchase and all addenda (signed by buyer and seller)
• Past 2 years' tax returns and W-2s
• Past 2 years' employment history
• Most recent paystubs covering 30 days
• Name, address and phone for past 2 years' residence(s) and landlord(s). Renters should bring evidence of 12 months' rent payments if paying an individual.
• Last 2 months' statements for savings, checking, CD, money market accounts, etc.
• Most recent statement on retirement accounts (IRA, 401K, 403-B, Annuity, etc.)
• Monthly payments and balances on all open accounts
• Divorce decree (if applicable)
• Bankruptcy schedules/Discharge papers (if applicable)
• If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.

Find out how much you are qualified to borrow

When buying a home, you may be pre-qualified or pre-approved. You can be pre-qualified over the phone or on the Internet in a few minutes. Pre-qualification is not as useful as a pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you be pre-approved before you start looking for a home.  Most lenders won't or can't submit your full file to underwriting until you have a property under contract.  This can put your earnest money deposit at risk and waste precious time.  At Alterra, we can submit your full file to underwriting to get a fully underwritten approval subject only to the fully executed offer and acceptance, the appraisal and the preliminary title report.

Being pre-approved will:

1. Inform you of your maximum affordable home value, and save you from previewing properties outside your price range.
2. Put you in a stronger negotiating position with the seller, because the seller will know your loan is pre-approved.

Having a fully underwritten approval will help you close more quickly.

What loan program is best for your situation?

1. Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable-rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed-rate loan.
2. Understand the relationship between rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your rate.  When you meet with us, we will tell you exactly how rates and points work and explain to you how the yield curve affects whether you should buy your rate down and to what point.
3. Compare different loan programs.  While there aren't nearly as many options today as there were a few years ago, there are still some things to consider.  As Certified Mortgage Planners, we will help you understand the options available to you and help you pick the one that best fits your financial situation.

All the research and preparation you've done to this point makes this step an easy one.

You've actually made application in step two and have already done virtually everything you need to to get a full, final approval.  All that's left is for us to order the appraisal and then resubmit your loan to underwriting with the appraisal, fully executed offer and acceptance and the title. 

Depending on how long it has been since we collected your initial documents, we made need to obtain updated credit, income and asset documents (30 days is the guideline).  We will reverify:

• Credit
• Employment
• Assets including your bank accounts, stocks, mutual fund and retirement accounts
• Order the appraisal

Based on your specific situation, additional documents or verifications may be required.

To improve your chances of getting a loan approval:

• Provide the exact documentation that is requested.
• Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
• Anything that causes your debts to increase might have an adverse affect on your current application.  Do not make any major purchases or change jobs.
• Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
• Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.
• Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval.

After your loan is approved, you will be required to sign the final loan documents. This will normally take place at the title company. Be prepared to:

• Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally NOT accepted.
• Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents.
• Sign the loan documents. The notary will require that you have your picture ID with you.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three-day rescission period.