The Loan Process

  1. Pre-Approval
  2. Applying for a Loan
  3. Locking In the Interest Rate
  4. Securing Loan Approval
  5. Closing the Loan

Pre-Approval
It is important to be pre-approved for a loan prior to searching for a home because a pre-approved Buyer gains the following advantages:

  1. Helps you to determine how much home you can afford
  2. Enhances your offer and makes you more attractive to potential sellers
  3. Enables your real estate professional to better find homes that fit your financial picture 

Applying for a Loan
Three necessary actions to take before proceeding with your loan:

  1. Decide on a loan program
  2. Sign all necessary loan documents
  3. Gather your personal documentation
    1. Last two years W2’s
    2. Last two years corporate tax returns and year to date profit and loss statement (if applicable)
    3. Pay stubs for the two most recent pay periods
    4. Two months most current consecutive bank statements for checking, savings, 401K, investment Accounts, etc.
    5. Fully executed real estate Contracts and copy of earnest money checks (if applicable)
    6. Condominium contact name and number (if applicable)
    7. Buyer and Seller Attorney contact information
    8. Listing and Selling Realtor contact information (if applicable)
    9. Gift letter, copy of gift check and gift check deposit slip (if applicable)

Locking In the Interest Rate
Depending on contractual closing date, we can determine most opportune time to lock your rate

Securing Loan Approval
Major actions accomplished between your application signing and your closing with Atlas Preferred Mortgage

  1. Appraisal - Assure you are paying “fair market value” for the home
  2. Title and Escrow - Real estate attorneys generally order these services and forward the findings to Atlas Preferred Mortgage
  3. Underwriting - Ensure all necessary criteria and regulations are met

Each loan is sent to an approved underwriter who reviews

      1. Application,
      2. Supporting documentation,
      3. Financial information,
      4. Sales contract,
      5. Appraisal
      6. Title

Closing the Loan
On closing day:
You and your Attorney meet at the title company to sign all of the final closing papers

      1. and sign
      2. and sign
      3. and sign

 

 
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