- Provide Documents Below
- Pay stubs (last 30 days)
- W2s (last 2 years)
- Purchase Contract (all pages)
- Copy of photo ID (must be legible)
- Bank Statements (last 2 months, all pages)
- Realtor & Attorney Contact Information
- Sign eDisclosures
Divorce decree and separation agreement (if applicable)
Copies of any down payment checks written to realtor/attorney, as they become available
Don't make any large purchases (new car, furniture, etc)
Don't make any major life changes such as quitting your job, getting married, divorced, taking a vacation, etc
Don't open up new credit of any sort - this can knock points off your credit score & delay closing
Don't make any random deposits into your bank accounts. Make sure to document cash gifts, lottery winnings, etc properly,
Keep making your payments on time
Come to Greenway with any questions you have
A licensed professional will conduct a review to reassure both you and the mortgage lender of your new home's value. The appraiser will visit the property and note its style and overall condition, measure square footage and confirm the number or rooms.
While appraisers are not to be confused with home inspectors, they will look for any obvious defects or safety issues. They will compare the property to its legally designated use. For example, are there two units when there should be only one, is it zoned properly, is it located in a flood zone, are there other external factors that could negatively affect value or marketability. A list of comparable properties will be pulled to determine if your purchase price is right for the market. Keep in mind the comps should be located in the same area and should be similar in size, style and function.
You will have an opportunity to see the appraisal report prior to settlement. For now, you can sit back and relax while the appraiser takers the lead on this part of the homeownership journey! Your Greenway Loan Officer will be in touch.
You’ve made it to the Underwriting Checkpoint. At this point, the underwriter evaluates your application and documents, double checks the loan guidelines and if all is accurate, issues an approval. In order to meet the loan program rules, underwriters may ask for clarifications or for more documentation. If this occurs, don’t be alarmed; it’s a normal part of the process. Responding to any requests as quickly as possible will help to get you home on time. It’s also possible that the underwriter will approve your loan with conditions. This just means that there are still a few more of the usual steps required to obtain a full mortgage commitment.
The appraisal is reviewed and file is submitted for underwriting. Approval is typically available within 3 days.
Remember to avoid the road blocks (as we stated above). Any major life changes, pitstops at the furniture store, or credit inquiries at the car dealership. Your Greenway Mortgage Loan officer will be in touch again with another update.
Watch the video here to learn more about the Underwriting Stage:
Identify any new utility companies you will need once you’re ready to move
Continue to avoid any roadblocks that can keep you from moving forward
Keep financial documents available (even the new ones)
When in doubt, ask us first!
- Do not make any large purchases without consulting your loan officer. Spending cash or incurring new debt could negatively impact your ability to qualify for a mortgage.
- After closing, your loan may be transferred to a new servicer. You will receive a notice in the mail when this happens. It is normal and everything is okay with your account.
- WVOEs are a requirement and must be completed in order to secure financing
- If an employer does not return the WVOE in a time timely fashion, your loan approval could be in jeopardy
- We find it best that the borrower prepares their employer for the request to ensure they realize the importance
Learn more about WVOEs here.
We love hearing back from our Happy Homeowners. Leave us a Zillow Review. Click here.
Visit Erin The Expert anytime, anywhere by visiting her website here
Download Erin's Mobile Mortgage APP here